Yes, you can buy a house again after bankruptcy. Besides making a cash purchase or obtaining a private mortgage (usually with high a high interest rate and large down payment). FHA is now allowing you to obtain a mortgage one year after bankruptcy, foreclosure or short sale. Previously, you had to wait as many as 4 years with some lenders depending on which one you were involved in. As with any program, you must meet all eligibility requirements and there are restrictions. This is not the forum to go through al the details. For more information, I can be reached directly at 917.699.0183 or firstname.lastname@example.org.
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Senior Mortgage Banker
The Federal Savings Bank
Direct Lenders. All 50 States... more
Especially then because there isnâ€™t a lender in front of your equity that will fight to protect their mortgage position so you donâ€™t get free legal assistance. If that isnâ€™t convincing enough just ask yourself why do lenders require it at least up to their loan amount?
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
Work with your Realtor and have a market analysis completed and go from there. Always remember you run the risk of losing the property to another buyer if your offer is low especially in today's market. Visit my website www.westrealtynoco.com for more info on buying a home.... more
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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First thing is to identify the grants available to any particular buyer. This is a bit difficult because not all grants are known to all real estate professionals, so they're even less known to buyers. Still, it's best for buyers to ask their Realtor(s), Loan Officers and even attorneys in addition to doing their own research on which grants, if any, are available to them.
Each grant has their own requirements, and process for how buyers can apply. Most of these grants are designated for first time home-buyers who intend on purchasing a primary residence, and fall under a certain income bracket or specific townships or counties. Grants often come contingencies, mainly requiring that home-buyers live in the homes for a specific time frame, or the grants then become fully or partially payable back to the organization(s) who issued the grants.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648... more
Well, I'll answer your question in a Brooklyn-centric manner, since it appears that's where you're from. While condo home owners' associations are the norm in places like Florida, in NY there is the condo board and the offering plan, which lays down the rules and functioning of the building for the most part. New ideas or rules are voted on. So don't worry, you'll be fine in NYC with no home owners association-- there's a condo board and if you want, you can usually find a place on it.
Want an agent who rebates you 10% of the commission at closing? That's me. For example, on a $500,000 property with 2.5% to my co., that's a $1,250 rebate.
Sr. Vice President