Home Buying in Madras>Question Details

Bookworm, Home Buyer in Madras, OR

bnkrptcy 10 yrs ago, same job 15 yrs, have a 401k. was in army in the 1980's. how can i get into a home?

Asked by Bookworm, Madras, OR Wed Jul 28, 2010

i want to own my own home but dont have a clue how to get started.

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7
Bookworm,

You should be just fine. A bankruptcy more than 4 years ago meets the guidelines for most programs and yours is well outside of that. So, there shouldn't be any issues there. On the job for 15 years and have some $$ saved. Another plus for you! My suggestion: use your VA benefit. It will allow you to purchase with 0 down and ask for seller concessions to cover your closing costs. Many of the VA loans that we are closing these days are costing the veteran little to nothing out of pocket and offer great interest rates. If you have any questions, please feel free to contact me. We are a direct lender (not a broker) and are based in Oregon. Congrats and best of luck on your home search !
Geoff
1 vote Thank Flag Link Thu Jul 29, 2010
The bankrupcty does not help you here, but talk with a lender. It is free to do, see if or how much you pre-qualify for and go from there. A good lender will show you what you have now (scores) and where you need to be and what you can do to improve them, so if you cant buy a house right now, you will be able to somewhere in the future. Good luck.
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Bookworm,

You can start by applying for a no money down VA loan on my site below.

Just a couple of quick questions.
Does your BK still show up on your credit?
Have you had any late payments, collections or any other derogatory hits on your credit since the BK was discharged or in the last 12-24 months?
Your credit history and score will be the only concern from what I can see
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Bookworm,

You can start by applying for a no money down VA loan on my site below.

Just a couple of quick questions.
Does your BK still show up on your credit?
Have you had any late payments, collections or any other derogatory hits on your credit since the BK was discharged or in the last 12-24 months?
Your credit history and score will be the only concern from what I can see.
0 votes Thank Flag Link Thu Jul 29, 2010
That should not be a problem as long as you have decent credit scores now. You look to be solid in your job, you are beyond the required years of waiting (as far as I know) for the bankruptcy...so talk to a lender to see what you can qualify for! By the way, thank you for your time in the army. I appreciate all of our military~ Best wishes in finding your home in Madras....but if you decide to come in to the Jackson/Josephine county area....give me a shout!
0 votes Thank Flag Link Thu Jul 29, 2010
The best thing you can do to see if you are able to get a mrotgage and what type, is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. Where you wer ein teh army you should quailify for a VA mortgage as well. Bankruptcy comes off your credit after 10 years so it should not be a problem

Good luck with your mortgage search, thank you for serving our country and keeping us free

plesase see my blog for more tips and advice on getting a mortgage
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Book. Honestly, I don't see any major problems here. Has the bankruptcy (BK) been discharged? If yes, that's good. Same job 15 years? Excellent. 401K? Great, shows up under assets. How's your credit score now and how's your income? You can apply for a mortgage with a local lender and also as what kinds of loans you qualify for under VA, Veteran's Administration. Do you have the funds for a down payment and closing costs?

If you have more questions about getting qualified, here's a mortgage company that I deal with locally. They do lend in all 50 states:


Matt T. Weaver
Sr.Mortgage Banker
WCS Lending, LLC
Ph: 561.864.2458
Cell:561.212.6503 7 Days 8am-9pm
Fx: 561.864.2858
NMLS ID #175651
http://www.wcslending.com/mweaver


GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Thu Jul 29, 2010
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