Home Buying in Portland>Question Details

JAHSama, Home Buyer in Portland, OR

My husband & I had a ch 7 discharged 3 yrs ago. Any tips on a mortgage lender?

Asked by JAHSama, Portland, OR Thu Aug 30, 2012

We make a combined gross monthly income of $5000. We are looking at a house listed at $139,000. Court discharged in June, 2009.

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Answers

8
As an ex 29 year mortgage company owner, my advice is to steer clear from Wells Fargo and BofA and interview several local mortgage brokers/bankers. I worked for both of those banks and was apalled. I do not mind saying so in public forum.
0 votes Thank Flag Link Sat Sep 15, 2012
I would contact a local mortgage broker in your area, and they will be able to answer your questions and address your concerns.
Best of Luck
Rod
0 votes Thank Flag Link Thu Sep 6, 2012
If you give me a call, I can take a look at your situation at no charge. I maybe able to help. 503-810-3571.
0 votes Thank Flag Link Tue Sep 4, 2012
The FHA loan is probably going to be your best option. Feel free to call me if you have more questions. It never hurts to get a couple quotes and if you use a local lender that is accessible you will be more comfortable with the whole loan process.
0 votes Thank Flag Link Fri Aug 31, 2012
Sounds like you are ready to buy a home! Contact Chase Holestine at Umpqua Bank (503) 915-2630 or chaseholestine@umpquabank.com. Umpqua is a local bank and my clients rave about the service provided by Chase!
0 votes Thank Flag Link Thu Aug 30, 2012
Facts from FHA website:
At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job.

I think you will find FHA loans easier to obtain and with less money down...yes, there is PMI, but not forever.
Carl Heldmann
You can read more on:
http://www.byoh.com/low-down-payment-mortgage.htm
0 votes Thank Flag Link Thu Aug 30, 2012
Ed Eilertsen at NW Mortgage Group is working with one of my buyers in exactly the same situation. Their anniversary date was 8/12 and as of tonight we have a signed agreement. Call Ed at 503-452-0001. Tell him I sent you.
0 votes Thank Flag Link Thu Aug 30, 2012
You need 4 years for most lenders in order for them to sell it later. If you want to try and get a loan now, you will need to find a lender that holds their own loans rather than sells them. Washington Federal does here in the PNW.
0 votes Thank Flag Link Thu Aug 30, 2012
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