Home Buying in Las Vegas>Question Details

Lolonako03, Home Buyer in Henderson, NV

recently have Bk and short sale my home and wants to buy a house in vegas. how much down do i need to get qualified for 150k.?

Asked by Lolonako03, Henderson, NV Tue Jan 8, 2013

Help the community by answering this question:


Was it just a BK or was there a short sale or foreclosure involved?
0 votes Thank Flag Link Wed Jan 9, 2013
short sale my house and then filed chapter 7.
Flag Wed Jan 9, 2013

Was the BK a Chapter 7 or Chapter 13? If you did a Chapter 7 it's going to be 2 years from your discharge date. If your doing a chapter 13 you could possibly get a loan a year into the BK.

Was the Short Sale included in the BK? 2 years from the Short Sale transferred ownership.

To get a more accurate picture of your specific situation you would have to get in contact with a lender have them pull your credit. Form there they would be able to tell you what needs to be done to be able to purchase in the near future.

I also work with a company that does credit repair.

If you need help getting in contact with lender. Feel free to contact me and I will be happy to refer you.

Best of Luck,

Chris Harrison
Barrett & Co., Inc.
702.592.9510 ph
0 votes Thank Flag Link Wed Jan 9, 2013

I am a local Lender here in Las Vegas, NV...

Depending on your complete scenario (with the BK and Short sale), you may be required to wait a specific number of years before qualifying for a loan.

Give me a call so I can guide you to the right direction.

Eugene Prospero
Mortgage Consultant
All Western Mortgage
0 votes Thank Flag Link Wed Jan 9, 2013
The best thing is for you to call me so that we can discuss all the details with your situation so that we can give you the different routes that you can take. I have lenders that can help you with about 20% down, but with a high interest rate anywhere between 8.5 - 10%. You can generally get a home two years after a BK, and 2-3 years after a Short Sale. There are also other options that I can discuss with you. Thank you!

Louis Gosioco
Keller Williams Realty
(702) 372-9727
email: louisgk1@gmail.com
0 votes Thank Flag Link Tue Jan 8, 2013
Plan to pay 100% down. Forget the loan arena for 3 years unless you can go VA. VA may let you borrow sooner than 1 year after a short sale and 1 year after a BK depending on circumstances. The best action was to not let the property go into a forclosure. You done great to get it short sold. Check with your favorite lender and make them part of your team.

If you are over 62 years old, you can look at a reverse mortgage. No credit check. You need income to pay the down payment, taxes and insurance. No more payments for life. What a deal.

I suggest you do not pay any money to "Fix Your Credit" or to a lender promising you something different. Let the lender get paid at closing after the loan has funded.

Bottom Lint:
Get into a long term rental lease to protect you from rising rents. Wait for the next real estate crash and be ready with your cash. That is just what the investors are doing. Those with cash are buying. Them without cash are stock piling for the next crash.

I hope that helps.

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Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.

Steven Goldman, CRS
Broker Salesman
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
REO-BPO Certified
Realty One Group
10750 W. Charleston #180
Las Vegas, NV 89135
Direct 702-242-1372
Fax: 866-286-2099
E-Mail: crssteven@teamgoldman.info
0 votes Thank Flag Link Tue Jan 8, 2013
Best of luck to you in trying to re-establish yourself!
If you need the name and number of a lender, email me and I will give you this information - I use a couple of different lenders. Wish you the best....KL...

Karen Lotter
Urban Nest Realty
0 votes Thank Flag Link Tue Jan 8, 2013
My suggestion is to contact a mortgage lender. I have been told about three years from BK discharge date.

Nakia Woodson
Wardley Real Estate
0 votes Thank Flag Link Tue Jan 8, 2013
Depends on when your bk was discharged and when the shirt sale occurred . Sometimes it's best to get the education you need and work on your financial awareness rather than to immediately try to jump into buying again . You're doomed to repeat the same mistake that got you where you are today . In order to maintain and sustain homeownership you should first seek education to help you understand what to do . Usually it takes a few years before you can purchase again . But there are some hard money lenders that will Lend to you with a high down payment , high interest rate and high probability you will fail . They count on that . I hope you will take your time and educate yourself before jumping into a bad situation .
0 votes Thank Flag Link Tue Jan 8, 2013
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