Home Buying in Ventura>Question Details

Mnjfrazier, Home Buyer in Oxnard, CA

Bankruptcy 4 yrs ago what's the first step into seeing if we would qualify to buy a home & who would we contact first?

Asked by Mnjfrazier, Oxnard, CA Mon May 21, 2012

income 6000 month

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Dan Hewson’s answer
You will definetely want to contact a lender first. If you'd like a list of lenders in the Ventura area, please email me at d_hewson@yahoo.com and I will provide you with one. As you can imagine, the wait periods vary by institution. Fannie Mae, Freddie Mac, FHA, and Portfolio Lenders all have established their own guidlelines. These guidelines also may vary by the type of bankruptcy as well, i.e. Chapter 7 or Chapter 13. At four years from your discharge date, it seems likely you have a few conventional options available, so you'll want to explore those first. Lastly, it's worth mentioning private money lenders. These loans typically carry a higher interest rate, but may enable one to purchase a home prior to the experation of any wait periods that conventional financing may impose. If you'd like addtional information, please don't hesitate to contact me. I'm more than happy to help you realize your home ownership dream!
0 votes Thank Flag Link Tue May 22, 2012
I'll be glad to help you.Would you like me to set up an appointment with our lender ?
Also I could set up a phone call from the lender at the comfort of your home.
Please contact me at Ludy@tarbell.com or (909)731-7124

Thank you.
Ludy Ivonina
0 votes Thank Flag Link Tue May 22, 2012
Have your realtor introduce you to the loan officer they trust the most, gather all of your docs, BK papers & discharge, taxes and w2’s for the last 2 years, 2 most recent bank statements and a month’s worth of pay stubs. Make an appointment with the LO and review your credit report and docs with them to see what you need to do. Only a full review will give you the answer you deserve, yes, it means you take off work for a couple of hours. How important is protecting yourself? Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue May 22, 2012
Good Evening, you should definetely contact a lender first. There are so many good choices. I personally recommend Jenni Sherman Jsherman@medallionmtg.com 805-279-1441. She is based out of Simi but has a home in Oxnard so, she is in your neck of the woods. A lender will be able to help you determine your price range and programs that work for your financial abilities. Help you figure out if you need to work on anything financially before you are ready to purchase a home. Then, contact myself or Barry Shapiro, who will probably pop on here to answer your questions any minute now. We work in the same office and both can help you with finding the right home. Feel free to contact me directly though my profile for a free MLS portal access, no obligation.

I personally filed bankruptcy due to divorce at a very young age. You get over it, get past it and homeownership is an excellent way to reestablish good credit. I have a fantastic credit score now and was grateful for the reset to my life.
0 votes Thank Flag Link Tue May 22, 2012
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