Financing in 32901>Question Details

Jose Puras, Other/Just Looking in Melbourne, FL

I want to get a mortgage for a new home. What bank would finance me? I had a BK Chap. 7, but was discharged 2 years ago this month. Help?

Asked by Jose Puras, Melbourne, FL Wed Jun 8, 2011

I had a BK Chap. 7 that was discharged 2 years ago this month. I want to get a new or pre-owned home.My income in $110k a year. Time on job is going on 4 years. I was thinking about using Lending Tree.com. Thoughts on that?
What kind of rates should I expect?
Looking to put down 3% to 5%.
Help?

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Let me also say that my DTI is very low. I have already purchased a vehicle, paid on it for 8 or 9 months, then refinanced it with my credit union at 7 points lower than the previous loan. I also have a small $500 max limit credit card that I pay on to try and re-establish.
1 vote Thank Flag Link Wed Jun 8, 2011
Contact Deborah Holloway with Shelte Mortgage. She is amazing!!! As a realtor, I work very closely with her and Shelter Mortgage. Her number is 321-757-6600 x 1005
She is very trust worthy, personable and very attentive to her clients needs and concerns.
Hope this helps
Janet Brown
Exit 1st Class Realty
321-806-9121
0 votes Thank Flag Link Thu Aug 11, 2011
Nancy Davis at Supreme Lending..... 321 725-8200. If she can not do it, she will tell you what you need to get a loan and when.......... As far as Lending Tree, "forgetaboutit" as Tony would say.
0 votes Thank Flag Link Thu Jun 23, 2011
My bank does FHA mortgages in Florida if you have re-established credit.
Companies like Lending Tree are a means of getting leads to sell. They sell it to at least 5 lenders. These lenders use call centers-that means you are often quoted low rates that you might not qualify for to get your application. You should speak to a mortgage originator that knows how to qualify you for a mortgage.
0 votes Thank Flag Link Thu Jun 9, 2011
Jose,

If your 2 years removed from your Chapter 7 BK, then you should be eligible for FHA financing, but FHA financing only. Conventional financing won't be available to you until 7 years after the discharge. If a foreclosure was involved with a Chapter 7, then it would be 3 years before you'd be eligible again for FHA. Also, FHA allows you to only put down 3.50% as a down payment, so that might be you best (and only) bet.

Regarding Lending Tree, I think your better off talking to a local mortgage banker/broker versus going the Lending Tree route.

I do know of a local homebuilder in Melbourne that is very reputable ~ http://www.bayswater.cc. Ask for Dude Braselton and let him know that I asked you to call him. He's building lower cost homes near the intercoastal that might be perfect for you ($200K - $300K homes).

Good luck.

Scott Butcher
Mortgage Banker
Maker Capital Group, LLC
2003 N. Lamar
Austin, TX 78705
0 votes Thank Flag Link Wed Jun 8, 2011
It seems to me that you have done a lot of hard work to get yourself credit ready. I would start shopping for a mortgage when you are a few months from your target date of moving. An online service may leave a bad taste in your mouth if things don't work out. Start with your own bank that you have a relationship with. If you have any connection with the military the I would check with USAA the main thing is to get a few good faith estimate and have the lenders fight for you. Have a local real estate agent help you through the process. We know of who has the best rates and the different program for your area. This way you will have someone on your side explaining the process every step of the way.
0 votes Thank Flag Link Wed Jun 8, 2011
Sounds like you have a very good chance at getting financing. I would start asking around - friends, co-workers, relatives, others you know that have gotten financing in the past year or so. CAUTION: I live in Wisconsin and I'm sure that lenders in Florida have some variance in qualifications.

BUT.... I still think you have a good chance. Check with lenders until you find the best value. Ask about their fees, interest rates, down payment. Tell them you want a FIXED RATE. Don't sign anything while going through this process. Once you find a lender that you feel comfortable with, they will want to run a credit check and get all of your financial information. Then you'll know where you stand. You will most likely pay a little higher than average interest rate due to the bankruptcy.

Hope that helped.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Wed Jun 8, 2011
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