Home Buying in Ann Arbor>Question Details

Jules, Other/Just Looking in Ann Arbor, MI

Under what circumstances would I be able to get approved for a loan?

Asked by Jules, Ann Arbor, MI Tue Jul 31, 2012

I have a bankruptcy (2 yrs ago) and a short sale (3 yrs ago) on my "record." My credit is back in the mid 700s last I knew. A friend of mine actually filed for bankruptcy at the same time and said she was recently approved for a loan. Could this be? Would the bank require me to put more money down? I have minimal knowledge about this whole thing and would appreciate any guidance!

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Shoaib M Sharieff’s answer
Hi Jules

There are some government loan programs that you might qualify for. But you would have to do an application to see if you could be approved. One of the best programs is the USDA loan program, our office is licensed to do USDA loans, and there is no fee to apply. I would be happy to see if you could qualify for this or another program. You can fill out a no cost application at http://www.mtgcapital-mi.com

Shoaib Sharieff
Branch Manager
Mortgage Capital Associates
0 votes Thank Flag Link Wed Oct 10, 2012
The mortgage guidelines are being changed to help people like yourself you have sold a home in a short sale. However, that is Federal guidelines and it is still up to each lender's bank or mortgage company.

Congratulations on getting your credit score back up!!!

I can give you three different lenders that you can speak to so you can find out what they have to offer.

The bankruptcy is the bigger issue, but you never know until you speak to someone. We have a buyer purchasing now, fully approved that we did a Short sale with 3 years ago.

Let me know if you want that list of lenders.

Missy Caulk
0 votes Thank Flag Link Fri Sep 14, 2012
Hi Missy,
Thank you for the response. I would greatly appreciate a list of lenders. I figure the more information I can gather, the better.


PS--did you graduate from Saline HS?
Flag Fri Sep 14, 2012

Every situation is different. I work with a few lenders that can let you know if you can or can't get a mortgage.

Call or email me if you want their info.

Eric Michael


0 votes Thank Flag Link Sun Aug 5, 2012
Jules: each individual's ability to obtain a loan is unique, even within the parameters you outlined. what you might consider doing is coming into my office. why? in our main street suite of offices, we have adjacent businesses. right next door to me, my friend tania is a licensed attorney who does bankruptcy work. she is also licensed to broker mortgages. in addition to being a real estate broker, I am an "of counsel" attorney to the same firm as tania. so we are uniquely positioned, through our multi-field licensing to give a good clear look at your specific situation and give you some no-cost advice. we are both smart, friendly and absolutely NOT "hard sell" cheesy stalker-type salespeople. if you're interested in sitting down, call tania at the law office to set up an appointment, i'm happy to sit in. 734-761-1113
0 votes Thank Flag Link Tue Jul 31, 2012

Good Afternoon!! Talk to a mortgage lender the time frame for purchasing after a bankruptcy and short sale vary. Ask your friend to refer you to the lender that helped her if possible.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Tue Jul 31, 2012
Thanks Karen.
Is it a good idea to talk to a lender at my credit union or would it be advisable to talk to a lender at an outside company?
Flag Tue Jul 31, 2012
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