Financing in 15239>Question Details

C.f., Home Buyer in 15239

After bankrupcty which lenders will allow you to qualify again soon to buy a home?

Asked by C.f., 15239 Mon Mar 10, 2008

A recent job transfer called us to PA from VA and we were unable to sell our home in VA due to an oversaturated market. Lost the home due to foreclosure as we couldn't provide for two house payments for long. Now we have claimed bankruptcy to begin fresh. Looking to buy in Pa, not sure who to contact or which lenders would consider.

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C.F. - Sorry to hear of your situation. I don't know of the programs mentioned below and they are worth looking into.

Otherwise, your looking at 3 years minimum for you to be eligible again for an FHA loan. it would be 2 years if you only had the bankruptcy without the foreclosure.

Good luck
0 votes Thank Flag Link Wed May 4, 2011
C.F. - I'm an agent with Howard Hanna, and I can tell you that we are lending to customers who have had a bankruptcy in the past. If you would like more information about the Howard Hanna mortgage program, please feel free to contact me. I can definitely point you in the right direction.
0 votes Thank Flag Link Wed May 4, 2011
We brought our home in less than two years after a foreclosure...and got a great interest rate, check out the keystone grant, ask a lender, its alot of work on their part, but ask anyhow, if you can not get approved any other way, you WILL get most likely get approved with the keystone grant, use it while its around still.
0 votes Thank Flag Link Tue Feb 23, 2010
Check out the Keystone Grant...its for those who have bad credit, ensures a low rate of at least 5.75 or lower, does not matter if you foreclosed on your home recently either....I know it sounds too good to be true but I have personal experience with it and you can buy a home, but who knows how long this grant will be around, ask a lender to look into it for you....you may need collerall, that is one thing we did have, alot of money in 401ks bout 100 grand or so....does not hurt to check it out, its bout time the middle class get rewarded!
0 votes Thank Flag Link Tue Oct 6, 2009
C.F.

I'm sorry to hear this, but you're in a tough situation right now because of the foreclosure, then the BK ...

First thing you need to do is check with FICO.com or free credit report.com or any of the good services out there and "hook-up" for the monthly service because of the many changes that will go on ... so you need to read it -and- understand it now, and 10 months from now.

For starters under the new BK laws, your past and current creditors will and can still go after their loss revenue, so you have no idea of what that shadow will look like ..

.. your credit report might show certain accounts charged off, some might even show current, others could be "frozen" in time and reactivate it 22 months then show a $9,000 charge-off in 30 days, it's common .. I've seen folks with perfect credit denied a closing 2 days away because the lender pulled a universal revue (most lenders do it) and their a credit report showed a bad account that wasn't really there ...

The point is, unless you get your credit in-check ... you could be 8 or 10 years out.


Good luck.!
0 votes Thank Flag Link Tue Mar 11, 2008
I am not a lender. However i do think your banckrupcty needs to discharges for two years. I have a wonderful loan officer that works with problem credit and could better answer that question. Work on staying on time with your bill and rent. You may try a rent to own situation.However before taking this route talk to a GOOD Lender!!! Let me know if you need help finging one and Best of Luck!!!
0 votes Thank Flag Link Tue Mar 11, 2008
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