I had foreclosure in 09 and BK in 09.. case closed in 09 sept.... But discharge in Feb 2012... it's there any way i can get a house around $150K?

Asked by iwanttobuyahouse12, Phoenix, AZ Tue Jul 10, 2012

Me and my wife are looking to purchase a house in North Valley area.. NO HOA house... Up to $150K . I file for BK in 09 ..and they closed the case. in 09 sept. BUT when i called to make sure if i am discharge or not.. They told me that i was discharge in Feb. of 2012.
I been self employe for the past 10 years. My wife gets works as a self employe too. she has great credit never did BK.
It's there any chance for us to buy a house?
If it is i'm also looking for an realtor that can show us an UGLY house with an RV and Pool. (no hoa) I'm doing construction so i know how to fix it that's why i am looking for something that needs work.

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Brian Cardenas’ answer
Brian Carden…, Mortgage Broker Or Lender, Scottsdale, AZ
Wed Jul 11, 2012
One vital piece of information you did not mention is whether you had a Chapter 7 or 13. The two and a half years to have a discharge sounds more like a Chapter 13 than a 7. If it is a Chapter 13, depending on your payment history on the BK plan, you may be in luck. As Bill stated, if you wife's credit has been unaffected by your BK filing and she makes enough money to qualify you also may be OK. It is critical that you have your credit report, bankruptcy paperwork and tax returns reviewed by an experienced loan officer to determine if traditional financing is possible.

Let me know if you need any help.

Brian Cardenas, Sr. Mortgage Banker
AmeriFirst Financial, Inc.
Mobile: 480.233.7897
0 votes
Jean-Leon Ma…, Agent, Tempe, AZ
Mon Nov 10, 2014
I would speak to a lender to get a good prequalification, and then go from there. Good luck !
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Tue Oct 21, 2014
Have you spoken directly with a lender about this?
0 votes
Carl Henker, , 95928
Tue Jul 10, 2012
Due to the Feb. 2012 Discharge date any conventional loan program is 2 to 4 Years down the road. As stated below you will be looking at an owner carry or some alternative financing option requiring a minimum of 30% to 40% down.
0 votes
Peggy Mcnich…, Agent, Glendale, AZ
Tue Jul 10, 2012
Yes there may be a couple of ways. You do need to speak with a lender that is familiar with difficult situations so choose wisely. Second it might be possible for your wife to qualify depending on credit, debt and down payment and third there is also owner carry the interest rate is higher but after you build up your credit again you can re-fi
Peggy McNichols
Coldwell Banker
602-717-6480
0 votes
i think my wife has to do it... She has no debt.... great credit history .. never been late to any credit cards... she never owned a house before... her credit it's 745 or more.
Flag Tue Jul 10, 2012
Bill Parker,…, , Scottsdale, AZ
Tue Jul 10, 2012
There is no "normal" way to get financing at this time for YOU. Others will come back with "pay cash", "do a hard money loan" or other unusual means.

Your wife, however, may be able to purchase if you have kept your credit issues away from her, which it sounds like you have. She will have to qualify on her own--for a conventional loan (Fannie/Freddie) your credit report won't even be pulled, but for FHA in a community property state such as Arizona, it must be and any liabilities you currently have will be counted against her income.

Find a great loan officer and let them see your entire financial picture. Then, and only then, will you really know (well, you will have a much better picture--you only really know once the underwriter has given final approval and you are in the house...)

Bill Parker
NMLS #223607
480-993-3080
Bill.Parker@LegacyG.com
0 votes
Sonny Shriva…, Agent, Goodyear, AZ
Tue Jul 10, 2012
Unfortunately no, unless you have 30% down for a hard money loan that you can pay off in 6 months. You're looking at 3-5 years at minimum. Rent in the meantime and work on your credit.
0 votes
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