Home Buying in 33138>Question Details

Nicolette El…, Both Buyer and Seller in 33138

Want to buy a foreclosed property but can't find financing-post ch7 bankrupcty by 2 years ( with a foreclosure).

Asked by Nicolette Elommal, 33138 Thu May 23, 2013

reestablished credit, low debt to income ratio, 5%down. Any chance?

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Alice Kellogg’s answer
Hi Nicolette,

You may need to look into private financing. If you plan on flipping the property within a year or so it should not be that difficult. Be prepared to pay a higher interest rate and upfront points.A lender will want to see that you have something into it because they will be concerned about your recent foreclosure though if the propery has a strong equity position it may not be as much down.

0 votes Thank Flag Link Fri May 24, 2013
Scott is correct, most lenders will require 3 years from bankruptcy and foreclosure before offering financing to you. Northpointe Bank has developed a unique loan product that will permit financing after 2 years from a short sale, bankruptcy or foreclosure. Of course there are rules and guidelines we have to follow, but I would be happy to discuss your situation with you to see if we are able to qualify you for a new home loan.

Julie A. Horvath
Area Manager
Northpointe Bank
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
0 votes Thank Flag Link Fri May 24, 2013
Thanks for your help, it will be 2 years this Oct. I will contact you in the next few months thanks for your help!!!
Flag Sun Jun 2, 2013
With a foreclosure and bankruptcy, most mortgages want to see 3 years passed before lending. Find a local and trusted mortgage broker who can assist you and let you know what is available based on your established credit and finances.
0 votes Thank Flag Link Fri May 24, 2013
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