Home Buying in Albuquerque>Question Details

D.F.  Haas,  in Albuquerque, NM

After a bankruptcy, how can I qualify for a new mortgage?

Asked by D.F. Haas, Albuquerque, NM Thu Nov 1, 2012

Feb 2013 will be 2 yrs from my Chapter 7 discharge date. I signed a reaffirmation agreement on current 1st mortgage and am currently debt-free; credit report score is good and have qualified for a small LOC with my bank. So, any advice?? I am interested in buying a more affordable home in ABQ area

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Hello D. F. Haas,

It is a question that has been asked of me many times. In my experience, those who have gone down a similar path and aggressively attempt to repair their credit have been able to qualify for a new loan in as little as 2-3 years. Your situation sounds hopeful. Being that I am not a licensed lender, I can not give you an accurate picture of the ever changing requirements in our current lending environment. The best thing you can do is to contact a lender and have them give you some insight on your financial status and ability to qualify for a new loan. It sounds like you have a sturdy foundation now. Running your credit again to apply for a loan should not damage your credit score.

If you do not have a lender in mind, I always recommend Stephen Cecco at Castle and Cooke Mortgage. You can reach him at 505-453-6543. Best of luck and I look forward to you having a prosperous future.

you can contact me at,

Joel Sanchez - Venture Realty Group
505-514-8741
sanchezjoel13@gmail.com

Best
1 vote Thank Flag Link Thu Nov 1, 2012
You could get loans but don't settle for subprime rates and terms. If you get something you can't really affort you could end up in the same place with bankruptcy again.

This is a home study course on credit intelligence. It has the latest information about rebuilding credit after bankruptcy, and how to get the lowest rates on your loans. Take a look.

http://www.WorldsBestCredit.com
0 votes Thank Flag Link Thu Oct 10, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes Thank Flag Link Thu Jun 20, 2013
Hi there.
First of all, congratulations on your success in coming through your BK. It sounds like you're on the right track. My background is in mortgages, however, I gave up my license within the last month to pursue my license in real estate and investing. I coach clients on dealing with their finances and rebuilding after 'life events' happen. I'm happy to help if you want more depth than provided here.

Chapter 7 BK is a slippery slope when applying for a new mortgage. Lenders have different timelines depending on the details that lead to your BK. Each situation is different. Chances are that you'll need a minimum of 3 years since the discharge date if the loan you're looking at is FHA and 4 years with a conventional loan.

Washington Federal here in town has some unique programs that may be able to work around the BK as they keep their loans in house. Their rates are quite competitive and they are somewhat flexible with their lending guidelines. It's worth a conversation. They may ask for a larger down payment to assume the risk, so you'll want to check with them for guidance.

Best wishes.
0 votes Thank Flag Link Fri Nov 9, 2012
Hello,

You have A LOT of options! Plus, there are some great incentives for buyers right now from down payment assistance to new carpet, fresh paint and new appliances. Then, we're reaching the end of the year and there are banks and home builders looking to get inventory off their books.

If you haven't already met with a mortgage lender, that will be the very first step. Knowing your buying power and options is crucial. Rates are low, so you'll do well there.

Meanwhile, narrowing where you'd like to live in Albuquerque is the next phase. You can perform a home search at http://www.syan.com/search and view real-time search results with all available photos.

You can also setup free listing alerts at http://www.syan.com/alerts. You'll know when new listings hit the market before most real estate agents do.

Let me know the questions that you have, and I'll be happy to assist.

Kindly,

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.syan.com
0 votes Thank Flag Link Thu Nov 1, 2012
If you want to get a mortgage loan to buy your next home, you probably want to consult with a mortgage loan officer about programs that fit you. One lender that seems to be consistently knowledgeable and responsive is Jason Pike/John Freeman at 505-828-9400. Washington Federal seems to have a completely different slate of loan programs. They also have an Albuquerque office.

Call them direct, or call me to discuss.
0 votes Thank Flag Link Thu Nov 1, 2012
Hi D.F. Haas,

The best thing to do is get approved with your lender first. If you need help with this process, please let me know. Once you have been approved then you are free to start view homes. Please give me a call so we can talk more about the details. You may reach me at 505-615-0436.

Thanks,
0 votes Thank Flag Link Thu Nov 1, 2012
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