Financing in 34639>Question Details

Marco, Renter in Land O' Lakes, FL

I had a bankcruptcy and my score credit is 650 there is no debts pending can i get a home loan?

Asked by Marco, Land O' Lakes, FL Sun May 6, 2012

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Hi Marco

Sad to hear that you had a bankruptcy and FICO of 650.
You are better of working with several fine Credit Improvement companies
out there earnestly.

The only one likely to lend is a Hard Money lender, or Private Money.
But to get money from Banks at Fair Market values are done, for 2-3 years.

Good luck.
Perry

http://www.trulia.com/blog/perry_mistry/
0 votes Thank Flag Link Mon May 7, 2012
Also check with credit unions. I had a tenant that was able to get a mortgage only 3 months after closing on a short sale. He did rent for a year and put 20% down. He also had a very stable job history. So if you have trouble with fitting into the cookie cutter mortgages offered by most banks and brokers, give http://www.GTEFcu.org or another credit union a try. They lend their own money and take intelligent risks. Banks and brokers pretty much just sell off your mortgage the day after you close so if it doesn't fit EVERY criteria for Fannie Mae and other investors, you will be denied.

All the best,
Alma Kee
http://www.SoldOnTampa.com
813.244.9898
0 votes Thank Flag Link Mon May 7, 2012
Normally after bankcruptcy needs few years wait to get mortgage. You may talk to a mortgage banker.
0 votes Thank Flag Link Mon May 7, 2012
Hi Marco,

It depends on what chapter bankruptcy you filed and when it was discharged.

For a chapter 7 BK, FHA and VA require that it's been discharged for at least 2 years and the no money down USDA mortgage requires 3 years.

You also have to have re-established credit.

Did you include a mortgage in your bk?
0 votes Thank Flag Link Mon May 7, 2012
Not likely.

Owner financing maybe while you rebuild your credit banking wise. If you have no down payment though, forget it.

Contact me if you end up in Fort Myers area.

Cheers

Kevin Cloutier
Southern Premier Realty

239-246-6639
Kevin@kevincloutiier.com
0 votes Thank Flag Link Sun May 6, 2012
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