Can we get a mortgage sooner then 2 years?

Asked by Magdesian, Cocoa, FL Thu Oct 20, 2011

If you had a bankruptcy dismissed nov 2010 (but the process was started in july of 2009) but have 20% to put down on a new home since you filed, can you get financing sooner then 2 years? I know alot of places say you need to wait at least 2 years. We need a place to live now because we have to be out of where we are but can't afford the 1000.00 a month rents but can easily afford 500.00 mortgage? Is there anyone that will finance us?

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Dan Tabit, Agent, Issaquah, WA
Thu Oct 20, 2011
Did you file chapter 7 or 13? The clock starts ticking from your discharge date, but if you filed chapter 13 there may be some options available for you. Talk to some local lenders.
1 vote
Leon McDaniel, Agent, Merritt Island, FL
Fri Oct 21, 2011
You might have another option. Some sellers are willing to hold a mortgage, since you have the 20% down payment. You will need to have your credit record to show the seller that you have paid all your bills since the credit default. I have been selling real estate for the last 36 years in the Cocoa area. I am sure I can help. Call me at 321-480-0548. Leon McDaniel, Daignault Realty, Inc. Merritt island, FL
0 votes
Alma Kee, Agent, Tampa, FL
Fri Oct 21, 2011
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Oct 20, 2011
There are other factors besides percentage down that will determine qualification, such as your current credit, income, etc.; therefore visit with any loan officer(s) after reviewing your current financial information a determination can be made; if you don't yet qualify, at least you'll know what needs to be done in order to purchase in the near future...
0 votes
Steve Sander, , Melbourne, FL
Thu Oct 20, 2011
Check with the bank that you are going to get your mortgage from. Ask them how much you will qualify for and when the funds will be available. Once you have this information you will know when to start looking for a home and what you can afford. I will be glad to help you find your new home when you are ready. Just give me a call 321-704-4591 when you are ready. Steve Sander Weichert Realtors-Hallmark Properties
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