A credit union will evaluate your individual situation and make an investment if you are not a high risk. I had a tenant that closed a short sale two months earlier and had a recent bankruptcy yet GTE Credit Union gave him a mortgage. He was truly a low credit risk because he had a long steady work history, bought a home under his price range and also put down 20%.
Also you may be able to try a USDA mortgage, I think they're less strict on the lending requirement.
Lastly, a NACA mortgage may be possible:
Just be sure to have your Realtor sign you up with NACA or you may be required to work with an assigned Realtor or your Realtor may have to pay a significant referral fee.
Hope this helps.
All the best,
You provided some good alternative sources for fedvet2003 but remember that most if not all bond programs that still have money these days will take FHA loans but you'll still have to meet credit qualifying criteria to get even bond loans because the issuing entity (in your case, the Florida Housing Bond program) just provides funds and backing for the program but the actual facilitation is the participating lender who has credit score requirements and all will underwrite to FHA guidelines, the bond is just issuing funds to close and/or cover costs/down payment. P.S. as of May 1st 2012, the Florida Bond program will require a $1,000 minimum investment from a borrower if anyone was interested in the program.
fedvet: If you have a high enough credit score for the lender but lack the tradelines, you can possibly have them added to your credit report (for that lender only) if you have applicable debts you can verify you've paid on time for 12 months.
Best of luck to you.
The lender who told you that is correct, VA/FHA won't extend financing without re-establishing credit post-bankruptcy. Your best bet is to establish some credit immediately so in a year you'll be in a position to buy and use mainstream financing.
Also, chapter 7 bankruptcies will stay on your credit report for ten years so you won't be able to wait out the standard seven year period for negative information to fall off. If it was a dismissed completed chapter 13 then you'll have to wait seven years from the dismissal date for it to fall off your report. If the chapter 13 wasn't completed at all then it's on there for ten years.
Getting a couple of secured credit cards and maybe a small auto loan or some other secured self-financed loan with your bank may be the best way to go.
Best of luck!
In addition, with up to $3,800 of your closing costs paid for you.
Contact me at firstname.lastname@example.org and I'll send you a GFB to shop around for your best deal.
Pro Option Mortgage
Ph: 888 662 4404
Exit Realty Central
711. N. Orlando Ave
Maitland, Florida 32751
The Florida Housing Bond program allows for "Manuel FHA Underwritingâ€, however Iâ€™m not sure if you meet the income guidelines.
A seasoned lender will also know how to add trade lines to your file. Items such as on time rent payments to a management company, on time payments to your cable, utility and insurance company if they have more than a 12 month history. There may be a charge for this service.
Hard money bridge loan: Hard money loans typically have a much higher interest rate and are designed for short periods (3-5 Years) giving the borrower an opportunity to acquire a property, establish a payment history and then refinance to a traditional loan.
Seller financing: Seller financing is starting to take off in the Orlando market as more investors are taking advantage of the great values in the Central Florida Market. I would recommend you have an attorney review any seller financing documents.
Large banks such as Bank of America, Wells, Chase, etc traditionally donâ€™t provide the type of services you are looking for. I recommend a small to mid size mortgage lender or a bank such as Trustco that does not sell the loan after closing.
Iâ€™ve had success with tough loans using Don Estell at RP Funding email@example.com 321-689-0283
1. You have a recent history of on time payments of rent (24 months)
2. No judgments or credit issues in the last 24 months.
If you are ok with the above, I believe they can help you. If you qualify they require
no downpayment and no closing costs. Call or email me for further details.
407-864-3139, or firstname.lastname@example.org