The answer to your question is yes you can do either. If you are not paying cash, and you would like to finance the purchase, you will still have to qualify for a mortgage. The best thing you can do is call a lender to see what you would qualify for. There is much more than your bankruptcy being discharged to qualify for a mortgage; they will review your income, your current debt, your job status,and a few other items.
If you are serious about moving forward, contact a lender and start there. Let me know if you need a contact for a lender. My contact information is listed below.
The only way to get a correct answer is to contact them directly. But most lenders are looking for a higher credit score than that. There is more to qualifying for a mortgage than just a score, so contact a lender and see what you could possibly qualify for.
If you don't qualify for a mortgage now, ask the lender what you will need to do to clean up your credit and possibly qualify for a mortgage in the near future. Either way, the future for you starts today, so take the necessary steps to move in the right direction immediately.
It takes a minimum of 3 years for most traditional lending programs to approve you for a mortgage after bankruptcy. And then you would need a minimum of 3-1/2% down for an FHA program. I think you should start looking for a rental home.
Kathy Persha, Associate Broker
Keller WIlliams Realty... more
I think it is possible to qualify but it will be hard and your may not get the best rates. Most lenders may want a minimum credit score of 620, but some may go as low as 580 and others may go as high as 680. You just have to shop around and find lenders that are willing to work with what you have. I would recommend though to raise your credit score, it will only be to your future benefit. The most effective fixing your credit score is to pay your revolving credit card balance and debt. If there is a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score.
I hope this helps! If you found my comment helpful, feel free to leave a recommendation on my page.
Good Luck!... more
There are other factors besides credit that determine mortgage qualification, income, debt, assets, down payment, etc.; therefore do visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more
If you are already pre-approved, then call your loan officer and see if you qualify for a larger loan. Your loan office will have all of the information necessary to see what you qualify for.
If you do NOT qualify for more now, ask them what you will need to do to qualify for a larger mortgage.
Call me if you are not working with anyone and I can put you in touch with a good loan officer. My contact information is listed below.
You may purchase any property if it's cash. If you need a loan, then you may need to build your score to 640.
Give me a call for more details.
Jamie L. Rodgers
My Realty Select
The "Mr. Rodgers" Team
The Bros Who Are Real Estate Pros
The problem is the loan amount. Most lenders can't go down that low due to Section 32:
Your best bet to contact a local Credit Union, they seem to be able better in this area and in most cases can be your live saver. If I were you, I would take a 30 days or so and get your credit score up a little is possible.
Best of Luck!... more
You should contact your current mortgage company and see if they will do a loan modification on your current mortgage. If you are eligible for HARP (you can also check with your current mortgage company to see if you are eligible), they may be able to refinance your home at a lower interest rate and would reduce your payment.
You should also talk with your tax advisor and/or attorney as well. If you are interested in doing a short sale, feel free to contact me at your convenience.
Keller Williams Realty
Good Evening India,
All foreclosed homes are sold through Real Estate. Our redemption period in Michigan is 6 months. Once the redemption period ends the bank will eventually list it with a Realtor. Usually, there is an agent assigned to watch the property during the redemption period to make sure it's secured and not abandoned. If the owners are still living there they may have redeemed the property.
If you would like I can set up an automated search which will notify you when the property comes on the market.
Just send me an email with the property address and I'll set that up.
Karen Paytas, GRI, CMS
Real Living Kee Realty
Southfield's millage rate is generally higher than surrounding communities (except Detroit). So, a house with the same Taxable value (most likely the same as SEV- State Equalized Value) will have higher property taxes in Southfield. Would estimate 10-25% higher than most other communities.
Keller Williams Realty
email: email@example.com... more
Are you shopping for a Home? It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.
Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?
Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.
I look forward to working with you!
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Fax: 214-614-4637
Bank of England FDIC /Dba ENG Lending: NMLS# 418481... more
Since the note is under your name, yes it will affect your credit. Hopefully she has been paying it on time. If she hasn't it will definitely be reflected and reported on your credit report.
Ask your mortgage rep to see if any late payments show up on your credit report. Also ask your spouse to make the payments on time if you are trying to improve your credit score to obtain a higher approval amount. Work with your mortgage rep and do whatthey ask you to help yourself.
To my knowkedge there should not be any penalties. If you are a U.S citizen you have proof of funds you should be good.
If i can be of assistance please contact me. I currently work with many out of state investors.
Remerica Hometown One
Nobody has a Chrystal ball and knows what the future looks like, but the thing I know is that we're in record low interest rates right now! Don't wait for the rates to decrease, lock them in now!
It's an awesome time to buy!!
My Realty Select
The "Mr. Rodgers" Team
The Bros who are Real Estate Pros