Home Buying in 91941>Question Details

Amazingtb1966, Home Buyer in 91941

I have had a bankruptcy and am about 2.5 years post bankruptcy my credit has 9 positive items now how do I buy a home with 600 credit score and 45.5K

Asked by Amazingtb1966, 91941 Tue Mar 6, 2012

I make 45.5K a year have many years in on the job 13 years and would like to buy a home, townehome, condo something that I can call home. 2/3 bed 2/3 bath I just want to know what do I need to do to qualify I want to get started on this right away.

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Based on the info you have given you should qualify now to purchse with an FHA loan, 3.5% down. There are many lenders available who would be happy to review your credit and employment history to tell you exactly what you qualify for. I can highly recommend Carl Kahn with Amerifirst (760) 504-3655 Cell . He has helped me to close many transactions, even tricky ones where there has been a bankruptcy.

If you would like to discuss your options further or begin your home search in La Mesa, please give me a call or email and I will be happy to help!

or go to http://www.myreagent.com to begin your home search like a real estate agent for free.

Victoria Hyatt
US Premier Realty, Inc.
Web Reference: http://www.myreagent.com
0 votes Thank Flag Link Tue Mar 6, 2012
IF you click on the link below it shows all the waiting periods for bankruptcy, short sale, FHA, conventional, etc.

Rafael Perez

Web Reference: http://fixerfunding.com/
0 votes Thank Flag Link Tue Mar 6, 2012
As others have said the best thing for you to do is talk with a lender. The ones at this site http://www.thesandiegopropertyshop.com/3/W0000019683/P000036… are ones that I work with and have confidence in. They are all very experienced and can give you the best advice.
If you are interested in La Mesa I would be glad to help you. I grew up in La Mesa and graduated from Grossmont High School. I have lived in San Diego basically all of my life and can help you find a home that meets your needs.

I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Tue Mar 6, 2012
Hi there,

Your best bet is to call a few lenders to see what loan programs they may have. There are direct lenders who aren't big lenders, meaning they never got caught up in the risky loans, never lost anything, and still continue to lend responsibly. They won't require unusually high FICO scores, but they may require higher than the 580. Brokers may have lenders who require less. But remember, if a lender assumes more risk so you can buy a home, you'll pay for it in interest and fees. Nothing's free, so be sure to compare lenders apples to apples. Same purchase price, same interest rate, same number of points, etc. Then compare the fees.

Talking to lenders and baring your financial soul can be unsettling. And, don't go for a quick pre-qualification - it means nothing. Do a full documentation pre-approval, so there are no surprises in escrow. But, once that's over, you'll have a much clearer idea of what you can afford.

Then, find an agent who understand the loan process, and will do the research necessary before you go out and look at homes. Unless you have 20% to plunk down on a new home, you'll be going FHA or VA, unless you go for a down payment assistance program. And FYI, sellers don't have to accept that type of offer if there are other cleaner offers on the table that will close quicker. It can get pretty competitive in some markets here, even here in East County.

Let me know if you need any further information.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
0 votes Thank Flag Link Tue Mar 6, 2012
Hi there,

The first step with any home purchase is to call at least three lenders to find out what they can do.

Once you have a preliminary loan approval, yoo will know what exactly you can afford.

Best of luck to you,

Mark & Kari Shea
Shea Real Estate
0 votes Thank Flag Link Tue Mar 6, 2012
You should be able to buy now but.......

Most FHA lenders have credit overlays over and above FHA standards and many will not go with a recent bankruptcy and a 600 credit score. Most of the major lenders, (that's a laugh.... many of the too-big-to-fail lenders) have minimums of 620 to 660 without the bankruptcy.

Yes, there are some lenders that might but you will be wise to talk to some mortgage brokers rather than direct lenders on your situation since the very credit overlays keep lenders who could in the can't category.
0 votes Thank Flag Link Tue Mar 6, 2012
Hi Amazing TB,
Please contact me directly and we can go over what options you have. I will put you in touch with Kristin, my trusted lender who will sort out your financial options. Then we can see what homes are out there that would be perfect for you! Are you looking to buy in La Mesa? Call me or email me and we can get the ball rolling today!

Sinead McAllister
McAllister Homes Real Estate
0 votes Thank Flag Link Tue Mar 6, 2012
Some lenders can loan FHA down to 580 credit score. There are time frame limits after bankruptcies but I believe this may be 2 years fro FHA. Get in touch with a lender ASAP for an approval! With your income you could also qualify for La Mesa's home buyer assistance program where they will provide you with up to $70,000 towards a down payment! San Diego and Spring Valley also has a similar programs!!!
0 votes Thank Flag Link Tue Mar 6, 2012
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