Home Buying in 91364>Question Details

Pooh6598, Home Buyer in 91364

My husband and I have a steady income but bad credit and past bankruptcy. Can we qualify for a home?

Asked by Pooh6598, 91364 Wed Apr 4, 2012

We live in Woodland Hills and paying high rent. We do want to stay in the are because we have a daughter and like the schools.

Help the community by answering this question:

Answers

12
Depending how much time past since your BK discharged.

Some lenders will go 1 year most 2-3 years.

FHA 2 years.

Also depends on your downpayment.

Please feel free to call me 424-777-9377 - i'll be happy to help you out.




Thank you for your time.


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.



Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
_______________________________
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925 http://www.TrustSale.com http://www.TrustSaleRealty.com
Lic# 01896869
6 votes Thank Flag Link Wed Apr 11, 2012
I know a mortgage broker who specializes in getting this kind of loans

Feel free to call me and I would be happy to connect you


Best of luck,

Maggie Oreck
818.906.8388
Cal BRE Lic # 01352758
RE/MAX Showcase
info@maggieoreck.com
http://www.maggieoreck.realtor
0 votes Thank Flag Link Fri Mar 6, 2015
Good afternoon,

The first step is finding a reputable Lender. My in-house broker will let you know what you qualify for and if you currently do not qualify for a home loan will give you a step by step program to help you get in a position to buy. Credit repair is relatively easy once you know what you need to do.

I also have an amazing buyers agent in the Woodland Hill's area who will be able to help you find that right home once you are qualified. It is very important that your Lender and REALTOR have a good working relationship. Communication is key to a smooth and efficient closing.

I look forward to hearing from you.

Have a great day,

Cheryl Friedman
0 votes Thank Flag Link Wed Jul 24, 2013
You may be able to qualify. For example, my lender offers FHA 2 years after bankruptcy. Call me if you need pre-approval and I will put you in touch with my loan officer.

Yulia.
818-584-8817
0 votes Thank Flag Link Mon Jul 2, 2012
Yes in some cases we can do a hard money loan like the one I have in escrow which is a bit higher interest but than you can refinance when your credit gets better after 6 months or even earlier depending on the bank or credit union.

Please call me to discuss: 818.713.9900

http://www.nimadavan.com 24/7 thanks!
0 votes Thank Flag Link Sun Jun 10, 2012
Hello Pooh6598,

It is possible you can get loan. every lender have different investor, you just never know these day.
how is your credit now?
First, any bankruptcy must be "discharged" by the court. You also cannot be in any "Credit Counseling" or other programs that take over your finances. It is actually easier to buy a house than a used car. The "lender" is looking to meet several criteria. Debt to Income ratio, Stability and time on the job. Money in the Bank and bounced check history.Any Retirement or 401 K assets
I have spoken to several mortgage lenders, and almost all of the lenders agree that two years is the amount of time after your bankruptcy discharge that it takes to be able to get a decent mortgage
but again it is depending case by case.

I can recommending you some lenders that you may like to try to get the mortgage loan.

Rosy Law
RosyHomes.com
rosy@rosyhomes.com
0 votes Thank Flag Link Sat Jun 9, 2012
Thanks for all the answers. my bankruptcy was discharged in April 2008 but my credit has had some issues since then. I have been looking into the rent to own as well but not sure if its convenient.
0 votes Thank Flag Link Wed Apr 11, 2012
you should be ok with the bankruptcy as it has been over 3 years and there are lenders who will provide the loan for you. Also there are ways to increase and fix your credit very fast in order to get you approved for home loan.

Call me so i can help you!]
Flag Wed Apr 18, 2012
Please don't be discouraged. Take a few moments and read the article below. I know it will give you hope to take the first step in becoming a homeowner.

Best of Luck!
0 votes Thank Flag Link Fri Apr 6, 2012
You can get an FHA mortgage after 1 year of Bankruptcy if you had an extenuating circumstance if not generally you must wait 2 years and have no additional delinquencies since the BK. My preferred Mortgage Loan officer recently closed in a deal with similar circustance.
0 votes Thank Flag Link Fri Apr 6, 2012
Please call me so we can qualify you. http://www.nimadavani.com 818.292.2559
0 votes Thank Flag Link Fri Apr 6, 2012
Hello,
I'll be happy to help you.Please give me a call at (800)578-0751 or email Ludy@tarbell.com
We have very knowledgeable lenders in our office.I could set up a meeting with them in person or over the phone.

Thank you.
Ludy Ivonina
Tarbell,Realtors
0 votes Thank Flag Link Wed Apr 4, 2012
The answer is, it depends. Define bad credit. Many times people think they have bad credit when, really, it's not so bad. How long ago was the bankruptcy? Bankruptcy generally effects your ability to purchase a home for two to three years, but after that you can buy through the FHA. My suggestion is to sit down with a mortgage lender, not one of the big banks but a smaller firm that specializes in writing mortgages, to discuss your options. They will tell you if you qualify for a mortgage now, and if not, what you need to do to fix your credit and how long you will have to wait. If you don't know a mortgage lender, contact a real estate agent in your area and ask to be referred. They will be happy to help you. Good Luck!
0 votes Thank Flag Link Wed Apr 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer