I don't have great credit although rebuilding, had a bankruptcy 2 years ago due to medical and now rebuilding. Want to buy a home and

Asked by Kauaigirllost, Idaho, OH Sat Apr 2, 2011

don't know how to go about getting lender, won't qualify for conventional bank loan but can definitely make the mortgage payment, please let me know how do I go about getting a private investor/lender in Idaho or East Washington

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Jirius Isaac, Agent, Kenmore, WA
Sat Apr 2, 2011
Safe Haven credit can totally restore your credit anywhere from 6-12 months out They have a 100% success rate. Look them up online, then call or email me directly and we can get you going. 206-841-9976
Web Reference:  http://www.metromgi.com
2 votes
Michael Mull…, Mortgage Broker Or Lender, Bend, OR
Sat Apr 2, 2011
Kauaigirllost - I think you'll like this answer. :)

Per FHA loan guidelines you are eligible for FHA and probably USDA financing after 24 months from the Bankruptcy. That does not mean you will be approved but you will have passed the hurdle of the BK on your credit report.

There's lots more to it but the good news is it's easy to find out what the next steps are - a telephone consultation with a lender along with allowing them to order a $17 credit report will result in either immediate qualification or at the worst putting together a plan to qualify within 6-12 months.

Please do NOT spend the money with a "credit restoration" company until that is the last resort. It may be that is a good option for you but until you've spoken to a good lender and they've analyzed your credit that is a waste. You may find you are ready to go without that step.

We'd be honored to help if you'd like. We've helped families finance a home after suffering a bankruptcy. If you have additional questions either post back here or feel free to contact Rebecca and I directly.
1 vote
Susan Draper, Agent, Olympia, WA
Sun Apr 3, 2011
Keep asking. Word of mouth will find you private money. Expect to pay more so weigh the value of keeping on track as you are and bankrolling as much as you can toward a future purchase.
0 votes
Michael Mull…, Mortgage Broker Or Lender, Bend, OR
Sun Apr 3, 2011
Tanya, to be sure I just checked Fannie Mae's guidelines directly - they are four years wait time from a chapter 7 BK discharge, two years from the discharge of a chapter 13, and four years from the dismissal date of a chapter 13.

FHA has been 24 months for as long as I can remember.

In all cases the passage of time also assumes adequate rebuilding of good credit.

Both conventional loans and FHA mention considering shorter wait periods for "extenuating circumstances" but honestly I believe that is false hope. Declaring an "extenuating circumstance" by the Underwriter is not very likely in this market. Not impossible, but unlikely.

Regards FHA and 24 months Tanya - I know those work because we've gotten them approved without any "credit repair" garbage or any exceptions from Underwriting.

Regards having to wait longer - I know what came up in another conversation on the forums was the the real estate agent's clients had a BK AND a foreclosure. The foreclosure trumps the BK and yes, there is a longer wait period.

Thanks for making me check my facts!
0 votes
Tonya Brobeck, , Everett, WA
Sat Apr 2, 2011
Michael I thought FHA was 3 yrs and conventional was 2 yrs?
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Apr 2, 2011
Recommend for you improve your scores then apply for a mortgage .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
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