Home Buying in Southfield>Question Details

cherice4cad, Renter in Southfield, MI

I am in the middle of my bankrutpcy and I want to get into a home my lease is up in November, can I get a mortgage for a home I have no money down!

Asked by cherice4cad, Southfield, MI Sat Aug 17, 2013

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Cherice,

It takes a minimum of 3 years for most traditional lending programs to approve you for a mortgage after bankruptcy. And then you would need a minimum of 3-1/2% down for an FHA program. I think you should start looking for a rental home.

Kathy Persha, Associate Broker
GRI, SFR
Keller WIlliams Realty
0 votes Thank Flag Link Sat Aug 17, 2013
Thank you for your answer I sure will do that!
Flag Sat Aug 17, 2013
No. You can't get a mortgage at this time. I would talk to a local lender and discuss your options for the future and how to become a strong buyer, but at this point I would start looking for a rental.
1 vote Thank Flag Link Wed Oct 30, 2013
You are in the middle of bankruptcy... a lender will not be able to issue you a loan at this time
1 vote Thank Flag Link Fri Sep 27, 2013
Hello,
Your best bet is to talk to a good loan officer and I can recommend a couple really good lenders if you are interested. Please feel free to contact me for their contact info and any other questions I can help you with. I can help you find a rental if you would like to move but getting a loan will be a 3 year waiting period.
1 vote Thank Flag Link Thu Sep 26, 2013
Thank you I would like to find a rental that is within my budget for right now, sorry for the lonnnnnggggg reply, but I haven't checked this in a while
Flag Sat Nov 16, 2013
Do you have family? Consider a living trust property for your family.
You could be employed by your estate too. Detroit is a great city,
very affordable.
0 votes Thank Flag Link Wed Oct 30, 2013
Cherice,

Good Morning!

It is a minimum of a 3 year waiting period after a bankruptcy discharge before you'll be able to get a FHA mortgage. As Kathy said I would recommend you start looking for a new rental or plan on staying where you're at.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Sat Aug 17, 2013
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