Home Buying in Buena Park>Question Details

Tgunnnzzz, Home Buyer in Buena Park, CA

We went through a bankruptcy in 2009 and are now looking for options on buying our first home. What kind of programs are there available to help us?

Asked by Tgunnnzzz, Buena Park, CA Mon Apr 18, 2011

We are looking for options that can help with down payment assistance and lenders that will lend to us. Also we want something affordable for us in our budget.

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George Raymondo’s answer
Provided it's been at least 24 months since your BK Discharge date, you should be a candidate for one of several government loan programs that offer prospective home-buyers down payment assistance. CalHFA, CA Access and CHF Platinum are just to name a few. Although these programs do have income limits, they only require a 1/2% down from the borrower and we secure a Grant for the remaining 3% down payment requirement. Your closing costs can be paid by the seller, therefore it is possible in this market to buy a home with very little money of of pocket. These programs do have lower credit score requirements so it is possible even with sub-620 scores to get financing. In addition, if you are willing to commute, there are areas in Riverside County that require no down payment through the RDL Program. This is by far my favorite loan to offer people. It has no monthly mortgage insurance, requires no termite report or clearance and has more flexible property requirements, which translates into you will be able to offer of a property without asking for a boat load of repairs. I would be more than happy to go over your options with you. I hope this has been helpful.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Tue Apr 19, 2011
Guezzzzzzz, Tgunnnzzz! The truth of the matter is, if you are doing a conventional loan, Fannie Mae requires FOUR years NOW! That is four years from the discharge. On FHA, which is a governmnet insured loan the 2 years apply with rebuilt credit. I see my friend Bonnie answered your question, we have worked together as a team, she is great at getting home buyers into homes to lease or lease option while I help you clean your credit, then in one to three years you can buy a new home! Plus, by then the price will be another 12 to 18 % lower!!!!!!!
0 votes Thank Flag Link Mon Apr 18, 2011
Jonathan is correct, it's 2 years from "discharge" so the agents telling you that you can qualify are not necessarily correct. You also have to re-established credit in order to qualify as well. Just 2 years since BK is not enough information to make a determination as to your status.
Please have a licensed California Loan officer look at your specific situation and pre-approve you.

Please let me know if I can help.
Web Reference: http://TripointMortgage.Net
1 vote Thank Flag Link Mon Apr 18, 2011
Hard money lenders would be able to help regardless of the amount of time that has passed since your BK as long as you are able to bring a down payment of around 25%. Interest rates will be higher than conventional but the whole process of obtaining a hard money loan is much easier and faster. The fact that the property will be owner occupied will make things more difficult however due to recent government regulations.
0 votes Thank Flag Link Thu Jun 25, 2015
So a real estate agent/broker will go as far as to say that the home prices in Buena Park will drop 12 to 18% in 3 years or so? (Sharon Butler's comment) Just in Buena Park or other areas in Orange County? Where do you get your information?

Most agents I ask say they can't predict such a thing and that it is unethical to do so... some realtor guideline?
0 votes Thank Flag Link Mon May 9, 2011

I have read the answers below and you are getting the same answer from most of the lenders out there which are correct. One thing to remember is that the type of BK has an impact on how quickly you could purchase a home. You need to rebuild your credit after the BK (open new trade lines)because this will help your FICO scores.

Good Luck,
0 votes Thank Flag Link Mon May 9, 2011
Hi! My name is Daryl Owen with Nationwide Real Estate Executives. Basically every lender across the board will require two years from your discharge date. That being said, not all lenders can offer you the same products.
We have excellent programs available for our clients and we are located in the city of Buena Park. We are the buyer specialists in the area and are experts when it comes to programs with down payment assistance and finding the right lender to fit your needs.
Right now most of our clients are taking advantage of our 0.5% down program, fixed for 30 years, the best you can get. Feel free to call me at 714-348-1774, again my name is Daryl Owen and I am a Real Estate Broker with Nationwide Real Estate Executives. Looking forward.
Daryl Owen
Web Reference: http://www.DarylOwen.com
0 votes Thank Flag Link Mon Apr 18, 2011
Yes you can qualify depending upon your income and down payment. Please contact me and I will give you the name of a local lender who will be able to pre approve you.

Bonnie Hart
Web Reference: http://www.hartproperty.net
0 votes Thank Flag Link Mon Apr 18, 2011
I would definitely be talking to a lender and then a real estate agent. As for down payment assistance programs, we have a program within my Board of Realtors, the Pacific West Board, that is a first time buyers assistance program. I have helped clients before with this program, however, because your situation is more complex, you need to discuss your situation with a very qualified and experienced loan officer. If you need any referrals, please feel free to contact me. Good luck.
Web Reference: http://sallypicciuto.com
0 votes Thank Flag Link Mon Apr 18, 2011
You should contact a lender / loan officer. There are other factors that go into financing, and the BK may not be your only concern. There are also hard money lenders out there, but with your situation you can look to pay a higher interest rate on the loan. If you have any questions, please let me know. I can refer you to a lender that can answer all your questions and assist you.

Good Luck
Web Reference: http://www.chrissuh.com
0 votes Thank Flag Link Mon Apr 18, 2011
2yrs after a bankruptcy you CAN qualify for an FHA loan. There are FHA programs that will accept very low FICO scores.

The first step is to see what your current MID FICO score is (and don't take the word of Free Credit Report.com), please allow my trusted lender to run their own tri-merge report to get an accurate number. I work with Bank of America & other mortgage brokers who have access to more programs.

If your current score is actually closer to 620-640, you could qualify for the Cal-Access program which would only require a 1/2 percent down payment & then we get a seller to pay your closing costs.

Please call or email me so we can discuss your options further.

562-430-3053 cell
Realtor Since 1996
0 votes Thank Flag Link Mon Apr 18, 2011
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