Financing in Fenton>Question Details

Dustin, Home Buyer in Fenton, MI

want to get a loan to purchase a house have claimed bankruptcy discharge was 2 years ago and credit is in the mid 600's just started a new job?

Asked by Dustin, Fenton, MI Tue Dec 11, 2012

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Dustin,

You've received a lot of answers here and one piece of advice I can give you is to check out a few to make sure they are working for you. Jeff Tufford of Monarch Mortgage has always worked well for me with folks in your situation. Many times within one year of bankruptcy he can get them financed. It's a great time to look for a home and a mortgage. Give him a call 810.606.1000 x 15. Tell him Melch referred you.

Whichever person you choose, I'm hoping you get your financing and eventually the home of your dreams. Feel free to give me a no obligation call. What you need is help and advice. The score you present is a good score so you may not have much to work on and may be able to get financing now.

Steven Melchor a.k.a. Melch
0 votes Thank Flag Link Tue Dec 11, 2012
Dusin,
I pride myself in helping buyers get back on track. I have a fantastic loan officer that can tell you if you qualify and if you down he will tell you exactly what you need to do (somethings are very simple) to improve your score and how long it will take! He can do all this via email! Please email me at mpayne@skbk.com and I can get you started with him right away.
0 votes Thank Flag Link Tue Dec 11, 2012
Dustin - I have Rebecca Bartley handle most of my mortgages. She is with ICON Mortgage and her direct line is 810-516-4227. I believe you can get a mortgage, however I am not positive. She would be the best to ask. However if she is unable to assist you contact me and I will do what I can to find you a place that we could do a land contract or a lease option until you can get a mortgage.
0 votes Thank Flag Link Tue Dec 11, 2012
Dustin - I have Rebecca Bartley handle most of my mortgages. She is with ICON Mortgage. Her direct line is 810-516-4227. I'm not sure what she can do. However, I can possible assist you with finding a property we can do a land contract with a balloon or a lease with option until you can get a mortgage.
0 votes Thank Flag Link Tue Dec 11, 2012
Dustin, it sounds like this should be possible if we utilize FHA financing, because FHA just requires a 2-year discharge on a Ch 7 BK (if your BK was a Ch 13 then that is even easier, and could allow conforming financing to be used). FHA financing just requires a 3.5% down payment, conforming financing can be done with as little as a 3% down payment (5% is more common).

Scores in the mid-600's are fine to qualify with as well, as with our FHA program we just require a 620 score (640 score will result in better interest rates though). Have all of your payments been made on time since the BK discharge? That is important as well.

More details would be needed from you regarding your new job, however if you just went from your last job to your new job, then that usually is fine. If you were going to school, and recently graduated, and started your job, that is fine too. If there was a gap in employment, where you were unemployed for a period longer than 3 months, then usually you will need to be on the new job for 6 months before you can use it to qualify.

Feel free to contact me and I'd be happy to review your situation and help you qualify.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Tue Dec 11, 2012
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