Home Buying in Fort Myers>Question Details

Sohmer, Other/Just Looking in Fort Myers, FL

Looking to buy after a Bankruptcy and Foreclosure.

Asked by Sohmer, Fort Myers, FL Mon Jan 9, 2012

My wife and I have had the above mentioned happen about 3 to 3 1/2yrs ago and are about to pay off our bankruptcy and want to start to look to buy again. We have no debt and my credit score is in the mid 600's (655 last I checked). I would be able to put about $20,000 down or about 10% of a $200,000 home. I make about $70,000 a year and have been with the same job/company for over 6yrs. How difficult will it be for us to buy in the near future and what can I start to do to better our position to acheive this goal? Thanks

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It sounds like you are in a good position, 3 to 3.5 years ago shouldn't be a problem. Check with few different banks/mortgage brokers to find the right loan for you. 10% down maybe hard right now, so you may want to revise your price, but then again, you can get a lot of house for your money at the current market :)
3 votes Thank Flag Link Thu Feb 2, 2012
My bankruptcy has been discharged about 1 year. When I called several mortgage companies, the best offer I could find was they would deal with someone after 2 years of discharging. (like you).
But as for the money, the best I have seen is 25% down for a conventional or 20% down on private lender.
If it were me, I would chop that 200k home to a 80k home for now, save that cash, and flip low income properties until you can buy that 200k dream with 150k cash.
good luck!
PS - is your company hiring? I am a specialty contractor looking for a career change.
1 vote Thank Flag Link Mon Jan 16, 2012
You need to have a discharged Bankruptcy before you apply for a loan. I would speak to a Mortgage banker regarding the time frame post discharge. It sounds like you filed Chapter 13. I would pay the balance ASAP. It may take 1-2 months to get your discharge letter in the mail after you pay the last payment. A 655 credit score and a low debt-to-income ration puts you in a good position.

Robert Tyler
Diamonds Real Estate Inc.
239-850-2629

http://www.FLeasyliving.com

"Search SW Florida Real Estate like an Agent!"
Web Reference: http://www.FLeasyLiving.com
1 vote Thank Flag Link Mon Jan 9, 2012
As other have suggested, your best course of action would be to speak with a lender about your situation and see if they can pre-qualify you.

Good luck!
Web Reference: http://www.gulfreturns.com
0 votes Thank Flag Link Thu Jan 12, 2012
My Lenders tell me 2 years from bankruptcy.
When you get seripous and are not just looking, I will be happy to go to work for you to take the next step.

Just e-mail me when yuor ready.
The other alternative is homes for sale with owner financing to get you from now until then and then you refinance.

Kevin@kevincloutier.com
239.246.6639

Kevin Cloutier
Southern Premier Realty
0 votes Thank Flag Link Tue Jan 10, 2012
You need to speak with 2-3 bankers and mortgage brokers to find out what you can do. When you are ready, we are here to help!
0 votes Thank Flag Link Tue Jan 10, 2012
Hi,
Excellent! You are in a great position. Contact Janie Wilder at 239-464-4578. This Florida lender will tell you everything that will be required to pull your plan together. I would love to work with you all when you are ready to start your home shopping. Until then please use the web link below to start your search. You will have access to the FL Gulf Coast MLS and my daily reports and updates for all your favorites. Happy to help you get a fresh start.

Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2011" by Gulfshore Life Magazine
http://www.flrealestatebuysell.com
sarahgarrett@argfl.com
239-464-8620
Web link for MLS access:
0 votes Thank Flag Link Mon Jan 9, 2012
If you would like to speak with a lender, I have a local lender that could help answer your questions. If you would like to start looking for properties right away, please go to my Listing Book account: ScottLambertRealtor.com

If I may be of assistance, feel free to contact me at any time; I wish you the best of luck with your search.

Scott Lambert
Realtor
Priceless Realty Tony Price & Associates, Inc.
cell: 239-878-5100
email: ScottLamber@PricelessRealty.com
0 votes Thank Flag Link Mon Jan 9, 2012
You may be in a better position that you realize as you have a good down payment. I have some lenders that I have worked some great deals for people in similar situations. Please email me at Dorinas13@aol.com and I'll be glad to forward that information to you so you can speak with a financing professional. We can also begin looking at some houses that meet your criteria so you will know what is available in your price range.
Good luck and I look forward to hearing from you!
Dorina Soumastre
Realtor
Century 21 Birchwood Realty Inc.
(239) 910-6485
0 votes Thank Flag Link Mon Jan 9, 2012
If you are in Chapter 13, you may be able to finance rather soon after your discharge. I'm working with a buyer who is going VA right now that paid his off early and was able to get preapproved.

Let me know if you would like some local lenders that are experienced with credit challenges.
0 votes Thank Flag Link Mon Jan 9, 2012
That is a good question for a lender. I would imagine you will have to wait at least 2 years from the discharge of the bankruptcy, but talk with a lender to see what your options are.
Web Reference: http://tampahouse1.com
0 votes Thank Flag Link Mon Jan 9, 2012
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