Home Buying in 33189>Question Details

eddynurse, Home Buyer in Miami, FL

What can I do to buy a home after a bankruptcy?

Asked by eddynurse, Miami, FL Sat Apr 20, 2013

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Answers

7
Hello,

You should wait 2 years after the discharge date.

Every lender has their own lending criteria.

Credit score should be at least 640 or higher.

If you need anything else, please feel free to contact me.

Kind regards,


Pablo Torres, MBA
AF Realty, LLC
786-205-6988
pabtorres@aol.com
http://www.miamibuyproperties.com
2 votes Thank Flag Link Sun Apr 21, 2013
After 2 years and 1 day from the discharge date you can apply for a mortgage loan. You need to qualify with all the standard requirements needed like any other regular loan.
1 vote Thank Flag Link Sun Apr 21, 2013
Credit Unions will lend their member's money and will make a decision on the risk, not the very specific guidelines that most lenders require. You see most lenders will immediately sell off the mortgage and if the mortgage doesn't fit the exact criteria to sell to Fannie Mae, Freddie Mac, FHA etc then you will be denied.

USDA mortgage may have different criteria so if you're willing to live out in Timbuktu (Pasco County) they may have more lenient guidelines.

Contact a credit union if you've already been denied by Wells Fargo. Try GTE Financial first.
0 votes Thank Flag Link Sun Apr 21, 2013
A legal counsel will be the best person to address the question. If you are considering filing bankruptcy, please make sure you have list of questions for your attorney including this one, you want to make sure you are making the right decision.
0 votes Thank Flag Link Sun Apr 21, 2013
You can buy a home any time as long you have cash. If you are trying to finance that is a little more work and time. You have to wait at least 3 years after bankruptcy. Make sure you don't any old bills or credit cards due. You need to have a good income and a credit score of 640 or more. You down payment needs to be 20%. Good Luck.
Any questions or assistance contact me at
Marco Torres, Miami Premier Realty
mtorresrealtor@aol.com
0 votes Thank Flag Link Sun Apr 21, 2013
Work on repairing your finaces and credit.

Chris
0 votes Thank Flag Link Sun Apr 21, 2013
Save up so you have 20% to put down, pay all of your bills on time then contact a credit union.

GTE gave one of my tenants a mortgage just a few months after closing on a short sale and going through bankruptcy.

Also there is the NACA program but that may take a year for you to attend the classes and jump through the hoops.

All the best,
Alma
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sun Apr 21, 2013
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