Home Buying in 33615>Question Details

Brian Benko, Home Buyer in Tampa, FL

What are my options for buying a home after Chapter 7 Bk with forclosure?

Asked by Brian Benko, Tampa, FL Wed Oct 9, 2013

my wife and I had to file a Chapter 7 that was discharged in 2010. We have since recovered financially and built our credit back up. We have also built up a good amount for down payment. I have tried recently to obtain a conventional mortgage but due to foreclosure of property included in the BK we are considered to be high risk and can't get a loan.

Help the community by answering this question:


Try GTE Financial Credit Union. One of my tenants had a bankruptcy and then a short sale closed just 3 months earlier. He had a good job history and 20% down and was buying below his means so it was a lower risk loan for GTE. GTE lends their member's money so you may not have to fit exactly into the Fannie Mae requirements that allow a lender to immediately sell off your mortgage on the 3rd market.

Good luck!

Alma Rose Kee, PA
Future Home Realty
1 vote Thank Flag Link Wed Oct 9, 2013
Wow, I'm surprised. Normally GTE has been really good to work with. I have to say, though that I'm experiencing a problem getting a mortgage closed with them as we speak so maybe they've gone through operational changes. Have you tried another credit union? You may even be able to find an owner to do Owner financing since you'll have a lot of skin in the game. What area are you looking to buy?
Flag Thu Oct 10, 2013
i am a member of GTE and tried to get a loan but they told me about being high risk. i also asked about their portfolio loan process but couldn't get it. the property i'm interested in is $150k and we have $40k cash that can be used as down payment.
Flag Wed Oct 9, 2013
Purchase a Florida home 12 months after a chapter 13 Bankruptcy
Purchase a Florida 24 months after a chapter 7 Bankruptcy.
FHA will allow a FHA mortgage 3 years after a Foreclosure.
Minimum FICO credit score of 580 required for 96.5% financing.
Bad credit Florida FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
No Credit Score Florida mortgage loans & No Trade Line Florida FHA home loans.
0 votes Thank Flag Link Thu Apr 23, 2015
I can finance you up to 90% as long as your foreclosure has already been finalized. Give me a call when you get a chance and can can give you a quote. You can also fill out an application online at http://www.home1stlending.com/mario


Mario Larrea
NMLS #184372

Direct Line: 813.642.3428
Toll Free: 888.491.8909 Ext. 2501
Fax: 888.871.0271
0 votes Thank Flag Link Wed Jul 30, 2014
Brian, Financial hardship is always difficult. I am glad to hear that you and your wife are back on your feet. I need more specific information to be able to give you accurate guidance.I am located in Tampa and available to discuss your situation. Please contact me at 813-308-9576. For more information about me, I can also be found on Linkedin, Twitter, and Facebook. I'm looking forward to speaking with you.
0 votes Thank Flag Link Wed Oct 9, 2013
FHA requires 2 years. If you would like to get pre qualified, please give me a call and we can discuss in detail. We are an FDIC Bank located in Westshore.

Don Blockel
0 votes Thank Flag Link Wed Oct 9, 2013
Credit unions are typically more conservative. They don't like risky loans. You need a direct lender, who is in the market.

Jim Steele
Patriot Lending
0 votes Thank Flag Link Wed Oct 9, 2013
Hi Brian
Conventional mortgage guidelines require a 7 year waiting period after a foreclosure. Portfolio lenders can likely help you, but they typically require a larger down payment and the rates are higher.

Your best bet is to seek FHA financing. If you have a chapter 7 BK and there was a home included then FHA will consider you for approval 3 years from the discharge/foreclosure (whichever date was later).

You'll need to provide an explanation for the derogatory credit and demonstrate that you are a good credit risk now...i.e. underwriters like to see that the circumstances leading to your troubles are no longer there and that you have gotten your finances in order.

I will be glad to walk you through the process. Please feel free to give me a call or email me and we can discuss your situation and I can help you with a game plan


Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Direct (248) 945-9070 ext. 278
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
tony.grech@pmac.com | http://www.pmac.com
0 votes Thank Flag Link Wed Oct 9, 2013
Cash always works. If you need financing, get with your bank and explore what products they have to offer you.
0 votes Thank Flag Link Wed Oct 9, 2013
Those just out of Short Sales, Foreclosures, Bankruptcies, Low Credit Scores or Self-Employed with High or Low Scores don’t want to be sidelined, missing out on buying Florida real estate at these extremely low prices!

With as little as 10% down buyers can purchase a Primary Residence, 2nd Home or Rental Property now!

Also now available are the new Stated Income Alt loan programs for self-employed, Commissioned or 1099 http://www.StatedIncomeAlt.com

Reasons to purchase now:

1. Recover past lost equity through buying a Florida property at these extremely low prices

2. Retain as much income as possible with Mortgage Interest write off savings on taxes

3. Re-establish mortgage credit quickly with a new Mortgage after the bad

4. Re-finance with new mortgage credit established while rates are still low

90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX n’ FLIP Invest. Prop.
70% LTV- Soft and Hard Money

Steve McRory

Pro Option Mortgage/ Florida



Ph: 888 662 4404
0 votes Thank Flag Link Wed Oct 9, 2013

90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX n’ FLIP Invest. Prop.
75% LTV- Foreign Nationals
70% LTV- Soft and Hard Money


Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service: U.S. MARINE CORPS
0 votes Thank Flag Link Wed Oct 9, 2013
FHA will only require 3 years from the discharge date. You only have to put 3.5% down. Call me with any questions.

Jim Steele
0 votes Thank Flag Link Wed Oct 9, 2013
we already meet the 3 years from discharge but the bank just now forclosed on the house in Sept of this year.
Flag Wed Oct 9, 2013
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