Home Buying in Chicago>Question Details

Ggay1982, Home Buyer in Chicago, IL

Young couple rebuilding credit (620 wife 650 myself per Experian report)1 year after foreclosure and 6 months after chapter 7 filing

Asked by Ggay1982, Chicago, IL Thu Jan 2, 2014

Looking to purchase home by August....financing options???

Help the community by answering this question:


FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods. Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new
loan.Check out http://www.whywaitbuytoday.com for more details.
1 vote Thank Flag Link Sat Jan 4, 2014
Use the next year to build up your credit and your savings.
0 votes Thank Flag Link Mon Mar 10, 2014
It would depend on the reasoning for the filing of the bankruptcy and the foreclosure, if it was due to a loss of work or income you could be eligible for the FHA Back to Work Program.

We can also assist in helping you rebuild your credit and would love to help.

Feel free to contact me with any questions you may have.

Chris Diamond
Diamond Residential Mortgage Corporation
NMLS 771882
0 votes Thank Flag Link Wed Jan 8, 2014
Dear Home Buyer,

My best loan officer is Mary Kay Laurent with Guaranteed Rate at 773-516-6859 this will be at no obligation to you and she will guide you on everything you need to know in your situation. Happy New Year and best of luck.
0 votes Thank Flag Link Mon Jan 6, 2014
Contact Juan Loya Juan.Loya@prospectmtg.com

He can, at the very least, send you in the right direction.

Good luck!
0 votes Thank Flag Link Sun Jan 5, 2014
Dependent on the reasons for the Foreclosure, there may be assistance for you after the one-year period. Specific guidelines must be met and followed to qualify. The sooner you talk to a Mortgage Lender for assistance in positioning yourself and improving your credit at its fastest pace, the better. Contact me please ... with more information I can answer your questions and fulfill your needs much more thoroughly and more quickly. I look forward to speaking soon,
0 votes Thank Flag Link Sun Jan 5, 2014
If you prepare to meet their conditions some lenders that they do not sell their mortgages to Fannie Mae may be prepared to loan you funds a year after a foreclosure.

If the foreclosure was a result of a documented extenuating circumstances, the Fannie Mae waiting period is three years, before you can apply for another mortgage.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Sun Jan 5, 2014
you need to look at government options-FHA with lender
0 votes Thank Flag Link Fri Jan 3, 2014
email me at jmichaels@remax.net and I will send you a contact
0 votes Thank Flag Link Fri Jan 3, 2014
I have some lenders you can speak to if you want.

0 votes Thank Flag Link Fri Jan 3, 2014
I've got some really great lenders that you can speak with. Feel free to contact me if you're interested.
0 votes Thank Flag Link Fri Jan 3, 2014
Check with some lenders. They do not charge to talk. My web site has some lender references.
0 votes Thank Flag Link Fri Jan 3, 2014
You have to wait until 2016 .......
0 votes Thank Flag Link Thu Jan 2, 2014
My experience has been-3 yrs after foreclosure, 2yrs with an FHA loan.
0 votes Thank Flag Link Thu Jan 2, 2014
I do not think you will be able to. You should get a good lender to put you on a credit rebuild process.
0 votes Thank Flag Link Thu Jan 2, 2014
If your scores are currently in that range then you will have financing options for a home loan, at a higher rate than what is currently being offered but options. I would check your credit with a banking institution or have it pulled by someone other than websites like experian. At times these websites are inaccurate and tend to be on the high side. Having a foreclsoure and chapter 7 filling and a 620 - 650 seems high. Thats awesome for you if that is the case, but just to make sure I would get someone to pull the credit for you.
0 votes Thank Flag Link Thu Jan 2, 2014
Go online to all 3 bureaus and dispute everything negative. You will not be able to get the BK off, but some of the smaller items could come off. Some creditors are no longer in business or fail to respond. Any debt not confirmed in 30 days falls off. Anything that stays find out if the debtor will take it off if you pay more toward it.
0 votes Thank Flag Link Thu Jan 2, 2014

Most lenders require a 2 year good credit standing history after a foreclosure or bankruptcy discharge. Your best bet is to sit down with a mortgage banker and discuss your options. They will help prepare you for the possibility of a future loan and a credit rebuild. Good luck !
0 votes Thank Flag Link Thu Jan 2, 2014
it is great that your credit score is that high but you will need at least one more year .Talk to lender and see your option. Best luck to you .Let me know what area you looking in to, would like to help.
0 votes Thank Flag Link Thu Jan 2, 2014
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