Financing in Dallas>Question Details

crutchfield88, Home Buyer in Arlington, TX

Mortgage and Bankruptsy. I filed bankrupsty almost 7 years ago. Should I wait until the full seven years is up to apply for a mortgage?

Asked by crutchfield88, Arlington, TX Tue Dec 10, 2013

It was a chapter 7 so i am not sure if it will be there 7 years or 10. My seven yeas will be up March 2014 so I was planning on buying after this time hoping it would be off. Also my credit is at a 648. Is it best for me to wait it out?

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Answers

22
You can buy with an FHA loan after 2 year from the Bankruptcy discharge date. No need to wait.
1 vote Thank Flag Link Fri Apr 4, 2014
Another answer to a question over a year old.
0 votes Thank Flag Link Wed Jul 16, 2014
Mr. Crutchfield you would qualify for a home now so if you are interested give me a call or shoot me a n email.
0 votes Thank Flag Link Wed Jul 16, 2014
A "waiting period" of 7-10 years is a generalized condition that can vary from lender to lender or borrower to borrower. If you feel you are ready and you have been taking measures to establish a good credit rating, why not test the waters. The worse that can happen is that you will be turned down....and you have lost nothing.

Just keeping it real!

Bill
0 votes Thank Flag Link Wed Jul 16, 2014
We offer a Non Prime Program that has no restriction for borrowers with foreclosures, short sales or BK's as long as they have been resolved. The loan require 20 to 30% down depending on when the issue was resolved. For more details feel free to contact me to discuss.



John Broussard
Account Executive
Newbridge Home Loans
713-777-9996 ext 103
john@newbridgehomeloans.com
http://www.newbridgehomeloans.com
0 votes Thank Flag Link Tue Jul 15, 2014
yes you can purchase a home the guide lines is that you have new credit and not charges or collection after the BK... give me a call ... thanks
0 votes Thank Flag Link Fri Apr 4, 2014
Buy/Sell through me and I'll move you for FREE*!!!

How are you doing today? I welcome you to give me a call today 8173601646 or shoot me an email at Suhrperiorrealty@gmail.com I would be happy to get you set up with a great Loan Officer who will make sure you get into the loan with the best interests rate!!

*some restrictions apply contact me for details*
0 votes Thank Flag Link Mon Dec 16, 2013
You be ok give me a call and I can help you 2145-557-3312 be happy to talk to you.. Merry Christmas
0 votes Thank Flag Link Sat Dec 14, 2013
Contact any lender of your choice for hard, real answers. Then pick any 1 Realtor to help you find your new place.
http://www.tcrdallas.com
0 votes Thank Flag Link Sat Dec 14, 2013
Hello,

Depending on your entire credit profile and income you have a very good chance of being able to buy something today. I am working with a client now who has 3 more months before his Ch 7 is 24 months old and he will then be able to buy a home.

While your credit score is not perfect with a 648 you can qualify for many programs if everything else is in order. There are a lot of things that need to be looked at and taken into account. If you would like to discuss this further please feel free to give me a call. I broker with over 15 different lenders and have many options for people in your situation.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
0 votes Thank Flag Link Thu Dec 12, 2013
I would suggest contacting a lender right away. Let me know if you need a name or two, I know of some good ones.

Take care,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Wed Dec 11, 2013
I work for a company that offers a credit repair that will remove all negative items within 30 to 45 days. bankruptcy's, late payments, evictions, repos, all can be removed. Items like Tax liens and judgments that still have a balance owing are difficult to keep off.
if you would like additional information contact me at 858-945-1047 or hlear@us-attorneynetwork.com
0 votes Thank Flag Link Wed Dec 11, 2013
7 years is when the bankruptcy should come off your report. 2 years out of a bankruptcy (3 years if a home was included) is when you are eligible to apply for an FHA mortgage. For a conventional mortgage you need to wait 4 years.

648 is a low credit score, although not terrible, but it shouldnt affect you with an FHA loan. Expect to pay a much higher rate if you want to go conventional though.

So to answer your question, you should be able to apply now. Feel free to call me or email me if I can be of assistance in walking you through your options

Tony

Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
tony.grech@pmac.com
0 votes Thank Flag Link Wed Dec 11, 2013
You really should go ahead and get preapproved. You will also need a good realtor to help you. I would be happy to speak to you and discuss your needs and help you find the right home. I have sold many in Arlington, and am a native Dallasite.

Liz Renfro
William Davis Realty
214-924-9676
0 votes Thank Flag Link Wed Dec 11, 2013
Just to be on the safe side, I would find a property and lock in an interest rate before 1/10/14 when we hit the rest of the Dodd/Frank Iceberg. If you wait until the following Monday it may only cost a half a zillion dollars more.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Dec 11, 2013
Some mortgage programs will allow you to apply after only 2 years if you have re-established your credit. Choose a local and trusted bank or mortgage company and ask to get pre-qualified which should be no cost to you and let you know what mortgages you may qualify for.
0 votes Thank Flag Link Wed Dec 11, 2013
no you can go ahead and purchase a home after 2 yrs of the bk
give me a call
0 votes Thank Flag Link Wed Dec 11, 2013
You should be fine and above 640 is good. I've 2 new properties coming on the market after Christmas in Arlington. Let me know if you'd like
More info.
0 votes Thank Flag Link Tue Dec 10, 2013
NO! Heavens not. If you have re-established your credit, and have positioned yourself for homeownership, then by all means, get pre-approved TODAY! Call Me. 214.914.1936
0 votes Thank Flag Link Tue Dec 10, 2013
No. You are fine to apply now.
Your deal will not get better by waiting.... Besides, market forces are pointing to higher interest rates in 2014.... So you will want to lock in now.

Did you maintain any accounts thru the BK?
Have you re-established any new credit?
Has their been any bad credit since the BK? http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
.
9yr Veteran navigating Mortgages for wonderful clients.
0 votes Thank Flag Link Tue Dec 10, 2013
Just please contact a mortgage banker with experience.... do not go directly to a bank....
The rate/fees will be the same with a mortgage broker/banker and your experience will be 100% better if you avoid going direct to a bank who takes 90 days to close. omg
Flag Tue Dec 10, 2013
Check with a good lender however I think it would be fine to go ahead and get pre approved for your loan .

what can they say , GO FOR IT


GOOD LUCK

LINDA
0 votes Thank Flag Link Tue Dec 10, 2013
I have a GREAT mortgage broker who you can talk to ... that is NO BS kind of person. Much more goes into obtaining a mortgage than a credit score.

Contact my office Wednesday
_________________________________________
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook and Twitter
http://www.facebook.com/lynn911dallas
https://twitter.com/Lynn911

(If my answer is helpful indicate by THUMBS UP or BEST ANSWER. Thank you )
0 votes Thank Flag Link Tue Dec 10, 2013
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