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Financing in Euclid : Real Estate Advice

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  • Local Info5
  • Home Buying16
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Activity 3
Sat Feb 8, 2014
answered:
Hi Vanessa, It would depend on the Chapter (7 or 13) of bankruptcy you filed and the reason. If the reason for the bankruptcy isn't due to an allowable extenuating circumstance it could be at least two years before you could qualify for a mortgage. That's unless you're paying cash then it's a moot point. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile. ... more
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Tue Sep 18, 2012
answered:
1sttymbuyr, James is correct. These days the underwriting approval process, in terms of the amount of documentation you must provide, is very similar whether you are going for an FHA, VA or conventional mortgage. VA & FHA have a little bit more, but conventional has nearly as much. Getting a mortgage is similar to an IRS audit, every deposit you make into checking/savings that isn't from your paychecks is going to be scrutinized to make sure it's from a valid source, you will need to provide photo ID, social security cards, tax returns, W-2's, 401k terms & conditions (if you are using a 401k as assets) and a variety of other items as well. Since you have already begun the process for an FHA loan and it sounds like the underwriters have already reviewed your documentation, starting up with a new lender or loan program would likely require you to replicate a lot of your past efforts.

This article from Forbes magazine may help shed some light on why you are being required to document everything from your blood type to a DNA sample (joking). http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/ - lenders aren't looking for the "perfect loan", they are looking for the "perfect loan file" meaning all documentation that anyone could ever possibly want is in there.

Shane Milne | Lending in all 50 states | NMLS #81195
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Fri Aug 7, 2009
Leasing To Own Solutions answered:
There are only 3 scenerios.

1) You can move out of the Lease Purchase house and lose any option consideration that you had.

2) You can remain in the house, sign a new lease, and continue to simply rent the house as a traditional renter.

3) You can go to the landlord/seller, explain the situation, and re-negotiate the terms of the Lease Option contracts. The landlord/seller may (if you've been a quality tenant), simply ask for more option consideration money and keep the remaining details the same (of course with new paperwork). The landlord/seller may set new terms such as purchase price, length of lease, monthly lease payments, and rent credits. All of which can be negotiated.

Hope this helps you out a little bit.

Darin
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