Home Buying in Calumet City>Question Details

Kissnkatt22, Home Buyer in Calumet City, IL

any mortage lenders willing to work with a annual income of 16500.00 to purchase a 40000.00 property with around 3000.00 down ?

Asked by Kissnkatt22, Calumet City, IL Wed Sep 12, 2012

i didnt add his income he just started back working but he needs to be on the loan ,I have a march discharged chapter 7 must be a way to buy this house help house i was renting was sold in a foreclosure auction i have 90 days to make a move why rent for 1200.00 when rentand sec can be a down payment !!!!!! HELP !

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If your bankruptcy was just discharged, you typically have two years from that date to wait to loan. Plus, income qualification is probably going to be an issue and any job typcially has to be for at least 6 mos to 2 years to be considered stable income. There are some exceptions to that rule. And as said, your credit will play a part. However, a local bank may consider the loan as a personal loan or if you have a credit union, that may be an option.

If I were you, I would talk to the foreclosing bank to see if you could assume the mortgage of the owner or if they would loan to you. But I would start looking at rentals.
0 votes Thank Flag Link Wed Sep 12, 2012
Well i have been on my job for 9 years ,can you assume a mortage that is alreday foreclosed in illinois recieved letter from wells fargo attorney stating that wells took the house back .is it possible to just apply for a loan through them
Flag Wed Sep 12, 2012
You do have some options, as Scott said your best/safest bet is to find a local lender and see where you and he stand. Your credit score will play a major factor. If your score is too low, you may want to look into some lease purchase, or owner held financing options. Either way, I'd suggest interviewing at least 2-3 local Realtors and find one that you trust to help you.
Best of luck!!
0 votes Thank Flag Link Wed Sep 12, 2012
Thank's
Flag Wed Sep 12, 2012
It could be dangerous working with an internet lender, you should start by meeting a local and trusted loan officer who can prequailify you at no cost and let you know if there are any morggages available.
0 votes Thank Flag Link Wed Sep 12, 2012
Thank's checking that out now and trying to find out how much for this house .
Flag Wed Sep 12, 2012
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