Financing: See question details

Asked by AESB, Port Saint Lucie, FL Sat Aug 7, 2010

I am 22 months post Ch.7 bankruptcy, which does NOT include a foreclosure. I had to file a Ch.7 due to a divorce 09/07. My present credit scores are over 700. I have verifiable retirement income, low DTIR, and have 20% down of the < $30K mortgage I'm seeking. Which Underwriters will qualifying my criteria for past bankruptcy history?

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Carl Ashton, , Boca Raton, FL
Fri Aug 20, 2010
You are approved ! and can do FHA at 3.5 % down! Your retirement income is more than you think if on socail security we add 25% to the income to quailify you as you do not pay taxes on the income

You can apply at our website below
1 vote
Monir Mamoun, Agent, Denville, NJ
Sat Aug 7, 2010
Ironically the small loan amount you seek may be a bigger issue than the bankruptcy, which some lenders could otherwise overlook if everything else is good.

It is hard to get traditional lenders to come in under $80,000. There is a lot of expensive paperwork involved and it is hard for a lender to make sufficient revenue from very small loan.

Small-balance mortgages are available, though you may have to pay a bit of a higher rate. Check with your local community banks, credit unions and even stock brokerage companies -- they sometimes handle smaller deals that traditional mortgage brokers may not.
3 votes
Christopher…, Agent, Methuen, MA
Sat Aug 7, 2010
Every lender has different guidelines and standards. I recommend that you talk with several mortgage brokers and ask them if they have any loan programs that you will qualify for. Mortgage brokers represent a portfolio of loan programs so by talking with several of them you will cover a lot of lenders quickly.
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1 vote
Coleen Hugney, Agent, Jupiter, FL
Fri Aug 13, 2010
You should not have a problem, be sure to go to a "BANK" rather than a Mortgage Broker. We are having a lot less problems closing if you are bank approved. The problem may be the $30,000 mortgage. That amount is pretty low for a lender to bother with.
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