Home Buying in Merrimack>Question Details

Buyer, Other/Just Looking in Nashua, NH

Can anyone recommend a mortgage lender who will work with someone with a chp 13 Got large downpayment?

Asked by Buyer, Nashua, NH Mon Jun 15, 2009

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Ken Lambert’s answer
Hello- I agree with the poster below. I have access to a few legit companies in NH that are hard money lenders. 70% max LTV is likely do-able, the rates are around 15%, and you would have to pay between 3-6 points to do the loan. Most of these will be 12 month loans, but you could extend to 24 maybe. How long ago was the Chapt. 13? That is key.
If you'd like to speak further, please contact me. Thanks and good luck,

Ken L.
0 votes Thank Flag Link Mon Jun 15, 2009
Can do a loan in most cases if you had a loss of 20% or more income in the last 2 years and have re established credit and no lates on credit in last year
3.5% down is ok

All money needed can be a gift (family member) and seller can pay all closing costs and escrows except prepaid interest.

Get pre-approved first

call MEP at 603-231-7992
0 votes Thank Flag Link Fri Oct 25, 2013
Your only bet in this market of scared lenders is probably a "Hard Money" investor. Guideline is usually 40% down and 60% LTV. They are sometimes hard to find. Check your local paper under the “Money to Lend” heading or other related topics.

Ask some questions of your own of the investor, such as, how many loans he/she has made in the last 12 months. No loans, means he/she might not really have any money to loan.

Ask for address of 3 -4 homes he/she financed. Go to the county recorder’s office in your county and see if this investor is listed as the lien holder. If he/she is not listed – this could be a red flag.

Don’t pay any upfront fees for a loan to come later. This scam has been around since biblical times but unfortunately it still works.

Be cautious and do your research.

Todd Scott
Senior VA & FHA Loan Specialist
iFreedom Direct
0 votes Thank Flag Link Mon Jun 15, 2009
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