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Financing in Bartlett : Real Estate Advice

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Mon Oct 28, 2013
Tara Davoli answered:
Hey Luciano- Call a Local endorsed lender with a in house underwriting department first. Getting the financing worked out on the front end will guide your transaction and make things smoother for you. Also working with a agent who represents your interests and will guide you through the process will make the move smoother. If you need recommendations for lenders I would be happy to email you a list- Call anytime- www.TaraDavoli.com. Good Luck! ... more
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Thu Oct 4, 2012
brodnax4586 answered:
Southwest Funding will finance with 580 but the lender has to shop your loan with a bank that's out of town .
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Wed Aug 18, 2010
Keane Ng answered:
Tammy,

Shawn's answer is the best one so far. Other loan products take longer, but the reality is you need to know the shortest timeline, which FHA offers for both the shortest timeline for a Chapter 7 and a Chapter 13.

Just as important as the wait time is what you do to build credit after a bankrutcy to make sure you qualify. If you sit and wait 2 years and do nothing with your credit, your score will look the same as it does now, which is probably not high enough. It's very important that you open new tradlines NOW and treat them correctly.

Credit cards will help your credit the most if handled properly. With a recently discharged bankruptcy, you will likely only qualify for secured cards. A secured card is a credit card that's secured by a deposit. Deposit $100, get a $100 limit. If you don't pay, they use the deposit to pay it. They'll report the history just like a regular credit card to the bureaus. Most banks and credit unions will issue these.

Try to get 3 accounts RIGHT NOW. The longer you have them, the more they'll improve your score. Don't ever let the balance exceed 25% of the limit and always pay them on time. If you do this, your score will definitely be high enough to qualify when you reach 2 years. It's also important to see your credit now and make sure there are not inaccuracies, which are typical after a bankruptcy. You can get a free report at www.annualcreditreport.com and can dispute items on the bureau's site while you're looking at each of your reports.

I wrote the following blog post specifically to help consumers build their credit after a credit hardship, such as a bankruptcy or foreclosure. I hope this is helpful. Good luck!

http://www.keaneloans.com/2010/05/13/how-do-i-fix-my-credit-so-i-can-qualify-for-a-mortgage/
... more
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