If you can find an angel investor, you can buy a home quickly. Most lenders want the flexibility to sell the loan. That means they must meet certain lending rules. High credit score, history of steady income, and not a lot of debt or recurring expenses are the basics. Most people who have filed for bankruptcy are going to come up short on 1, 2, or all of the basics.
As important as having the bankruptcy age off is to the process, the facts are that if the basics are not meet, the bankruptcy is not going to be the problem. You must be able to demonstrate that you are a good financial risk, irrespective of the bankruptcy. The lending rules and requirements change regularly, so your best approach is to speak face to face with a local lender representative. I suggest a mortgage broker, or a lender representative who has the option of dealing with several different lender underwriters. The underwriter is the person or group who actually makes the final decision of a loan for an investor (the person who has the money). Banks frequently have limited flexibility to â€œshopâ€ underwriters.
You want someone who you can look in the eye and get advice about the specifics of your situation. You want a person with current information about requirements, and the flexibility to take advantage of as many options as possible for you.
I am a real estate professional, not a financial professional. So my perspective is from the receiving end of financial advice, not the giving end. However I help clients every day with a wide range of different financial situations and I see the practical implications of what families deal with in making a decision about buying or selling a home. I always recommend financial experts, face to face.
I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you once you have spoken with a lender and have a letter of prequalification. If you would like a list of local lenders to consider, please contact me at Zip711.com.
Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyerâ€™s Representative
Licensed by Louisiana Real Estate Commission
Realty Executives SB
In Bossier, 4012 Benton Rd suite 110
In Shreveport, 8575 Fern Avenue Suite 105
Each company independently owned and operated