Financing in 92069>Question Details

MJ, Renter in 92069

Do you have a mortgage program that will work for someone who has a BK a year ago?

Asked by MJ, 92069 Mon Mar 14, 2011

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Ask yourself this; if you can get a loan without documenting your income or your assets and you don't need any credit and the entire purchase price is financed and the payments and costs are lowwer than anyone else, oh, and you just got out of bankruptcy a year ago, why isn't everyone in the world doing it? Better yet, if this really is better than sliced bread, why aren't the newsreporters banging down their doors and the people on the streets banging down their doors for the program?

The reality is, there are new rules that went into effect in January of this year. There must be a documented ability to repay the loan by the lender, and private lenders are not exempt from the rule. I find it very difficult to believe that ANYONE is offerring that product out on the market. I'm not saying it's not possible but highly improbable.
0 votes Thank Flag Link Tue May 6, 2014
We have a new loan that is stated income, stated assets, No credit verification 100% financing. The closing cost and payment is lower than traditional financing....Its private money guaranteed by an insurance policy...Can be used for Residential, Commercial, Construction, International. Owner Occupied or Non-Owner.
0 votes Thank Flag Link Tue May 6, 2014
Yes, we do, FHA purchase loans. And we can do them with 1/2% down payment and a 580 credit score. Typically you need two years from your discharge date and have to have reestablished your credit. Get some secured credit cards from and or wherever and keep zero balances on them.

To buy within 12-24 months, your BK had to have been caused by extenuating circumstances; meaning something beyond your control affected your life and you had to file BK. Click my profile and contact me if you want more information.

The FHA Handbook guidelines are below. Link here:…

A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must have

•re-established good credit, or
•chosen not to incur new credit obligations.

An elapsed period of less than two years, but not less than 12 months, may be acceptable for an FHA-insured mortgage, if the borrower

•can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and
•has since exhibited a documented ability to manage his/her financial affairs in a responsible manner.

Note: The lender must document that the borrower's current situation indicates that the events which led to the bankruptcy are not likely to recur.
0 votes Thank Flag Link Sat Mar 19, 2011
Dont give alot of people told me we couldnt buy a house 1 year after bankruptcy. I just closed on an FHA loan using extenuating circumstances.
0 votes Thank Flag Link Thu Mar 17, 2011
No. Based on current underwriting guidelines you will, at a minimum, need to wait 2 years since the discharge of your bankruptcy. At this point, your application will be considered only if there were extenuating circumstances which are unlikely to occur again which caused your bankruptcy. Without an acceptable circumstance which caused your bankruptcy you will not be eligible for conventional financing for at least 4 years. Check back again in a year or so as guidelines are subject to change at any time.
0 votes Thank Flag Link Wed Mar 16, 2011
Good morning.

My suggestion is to speak with a lender to determine your status and eligibility. Here is a lender that I have worked with for years and I know she would be more than happy to work with you. Her Name is Jennifer Young with home lenders. Her email is and her phone number is 619-497-4944. Contact her and see what she has to say.

She will need certain pieces of information to know where you are at in order to determine your eligibility. I cannot answer this question because I am not a Lender and I am not licensed to determine whether or not you will qualify for a loan. Give her a call or email here today. She will be more than happy to assist and you can ask her your questions to need addressed.

If I cna be of service for any of your Real Estate needs please feel free to contact me at an y time. Steven Sopha-Century 21

Take care. Respectfully, Steven Sopha-License#1290291
0 votes Thank Flag Link Tue Mar 15, 2011
Hi Ms. Jamee,

You might consider working on your credit rating first before you go looking for a new home. Once your get your credit in good standing you will be able to qualify for a better mortgage product.

This way you set yourself up for long term success! Good luck

Hannah Fliegel, FICO Pro
0 votes Thank Flag Link Tue Mar 15, 2011
I'm in Florida and know of a local lender that will work with BK cases. They use "alternative credit" such as canceled rent checks, paid utility bills etc. to establish credit as opposed to your credit score.
Check with your local lender to see if some of them offer similar programs. I do believe that for FHA you have to wait 2 years after BK.

Even if you don't qualify just yet, you will for sure get a couple of good pointers what to do to fix your credit and what criteria to meet to apply later on.
0 votes Thank Flag Link Mon Mar 14, 2011
Hi Jamee,

We recommend that you call some lenders to find out their requirements.

Best of luck,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
0 votes Thank Flag Link Mon Mar 14, 2011
Miss Jamee,

Sorry that you had to go through the process of a BK. Sounds from your question that you have moved on with your life, that is a wonderful thing!!!

The most likely loan product for you is going to be a FHA program, and while I am not a mortgage banker the guidelines require 24 months since the BK, and a FICO of 640 or higher. My suggestion to you would be to work on your FICO score, by paying what you have on time. Save up during the next 12 months and then start your search.

0 votes Thank Flag Link Mon Mar 14, 2011
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