Home Buying in 33952>Question Details

Bill Rutkows…, Home Buyer in Port Charlotte, FL

Bankruptcy discharged 1.5 years ago,when can I get financing for under $50,000 with a reasonable down payment

Asked by Bill Rutkowski, Port Charlotte, FL Sat Apr 10, 2010

Where can I get financing with a reasonable down payment,re-establishing credit for over a year so far,looking in Port Charlotte area for a home to purchase. thank you

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4
Jason Stevens’ answer
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Hi Bill. This question would be better answered by a mortgage broker or banker. But I have been doing a lot of seller financing deals for buyers as of late and I can tell you to EXPECT on a seller financed deal to have at least 10% available as a down payment and in some cases even more. If you seek lender financing you can expect down payments around 20%-25% unless you can qualify for an FHA or USDA loan. I'm sure some mortgage folks or lenders will chime in on this. Hope this helps some.

Jason Stevens, GRI, ABR
Kevin Flynn Realty, Inc.
1 vote Thank Flag Link Sat Apr 10, 2010
I am sorry, but if you had a bankruptcy just a relative short time ago, you should not be extended credit. You need to rent, establish good credit for at least the next 5 years and then begin the process.
1 vote Thank Flag Link Sat Apr 10, 2010
Bill this is definitely a lender question that should only be answered by them. Try contacting a local lender to see if there are any programs that would work for you. There are many that provide excellent service and even if they don't have a program that works for your circumstances, can help you get on the right track to be able to obtain a loan down the road, that's what they are there for. Good luck.
0 votes Thank Flag Link Sun Apr 11, 2010
Hi Bill,


You might be able to get a home with seller financing. Or a lease option, rent to own or private financing. Or,
you might be able to qualify for an FHA mortgage with a low credit score but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.

Hannah Fliegel
The Credit Repair Expert
415-999-9348

http://www.HowDoYouScore.com
0 votes Thank Flag Link Sat Apr 10, 2010
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