Home Buying in 32828>Question Details

Marco Tony R…, Home Buyer in Orlando, FL

can i buy a 240k house with a downpayment of 100k . I had a past bankruptcy 2006 but cant find a lender due to not having any new credit since the bk?

Asked by Marco Tony Rivera, Orlando, FL Wed May 2, 2012

Help the community by answering this question:


Try a credit union. They lend their own money and may not immediately sell off your mortgage to an investor so you will not have to "FIT" into the criteria so they can find an investor to buy it for an instant profit.

A credit union will evaluate your individual situation and make an investment if you are not a high risk. I had a tenant that closed a short sale two months earlier and had a recent bankruptcy yet GTE Credit Union gave him a mortgage. He was truly a low credit risk because he had a long steady work history, bought a home under his price range and also put down 20%.

Also you may be able to try a USDA mortgage, I think they're less strict on the lending requirement.

Lastly, a NACA mortgage may be possible:

Just be sure to have your Realtor sign you up with NACA or you may be required to work with an assigned Realtor or your Realtor may have to pay a significant referral fee.

Hope this helps.

All the best,
Alma Kee
1 vote Thank Flag Link Fri May 18, 2012

You provided some good alternative sources for fedvet2003 but remember that most if not all bond programs that still have money these days will take FHA loans but you'll still have to meet credit qualifying criteria to get even bond loans because the issuing entity (in your case, the Florida Housing Bond program) just provides funds and backing for the program but the actual facilitation is the participating lender who has credit score requirements and all will underwrite to FHA guidelines, the bond is just issuing funds to close and/or cover costs/down payment. P.S. as of May 1st 2012, the Florida Bond program will require a $1,000 minimum investment from a borrower if anyone was interested in the program.

fedvet: If you have a high enough credit score for the lender but lack the tradelines, you can possibly have them added to your credit report (for that lender only) if you have applicable debts you can verify you've paid on time for 12 months.

Best of luck to you.
Web Reference: http://RobWeber.com
1 vote Thank Flag Link Wed May 2, 2012
I'm re-posting my same response to your question again (you have two or three threads with the same question).

The lender who told you that is correct, VA/FHA won't extend financing without re-establishing credit post-bankruptcy. Your best bet is to establish some credit immediately so in a year you'll be in a position to buy and use mainstream financing.

Also, chapter 7 bankruptcies will stay on your credit report for ten years so you won't be able to wait out the standard seven year period for negative information to fall off. If it was a dismissed completed chapter 13 then you'll have to wait seven years from the dismissal date for it to fall off your report. If the chapter 13 wasn't completed at all then it's on there for ten years.

Getting a couple of secured credit cards and maybe a small auto loan or some other secured self-financed loan with your bank may be the best way to go.

Best of luck!
Web Reference: http://RobWeber.com
1 vote Thank Flag Link Wed May 2, 2012
Yes , you can buy a$ 240,000 house with a $100,000 down payment. All you have to do is find an owner that will hold a mortgage for you.

You find an owner that owns the house free and clear (that is not hard to do. 33% of the houses in America are free and clear) Ask the owner,"If I gave you $100,000 down ,would you hold a mortgage for $140,000 at 6% interest ?" Eight out of ten owners that own their property free and clear would say yes to that . Why would they not? Where are they going to get a six per cent return on their money in today's market. If they own a property free and clear , they are probably not living payday to payday. They probably have money in the bank paying them 1%. With a $100,000 down payment, they are not worried about your credit rating.

Yes you can buy a house with $100,000 down
0 votes Thank Flag Link Mon Jun 9, 2014
We can help with your situation today!

Give us a call!

Limarys Hernandez
Lovera Realty
810 E Colonial Dr
Orlando, FL 32803
Cell: 407.416.8123
0 votes Thank Flag Link Mon Jun 2, 2014
There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sun Aug 11, 2013
I agree with Alma Rose, Credit unions have worked for my clients in the past.
0 votes Thank Flag Link Fri Jun 22, 2012
You may be able to purchase with as little as 10% down.

In addition, with up to $3,800 of your closing costs paid for you.

Contact me at steve@pro-option.com and I'll send you a GFB to shop around for your best deal.

Steve McRory
Pro Option Mortgage


Ph: 888 662 4404
0 votes Thank Flag Link Fri May 18, 2012
I work with a lender that may be able to help you. They have been able to approve customers with credit scores as low as 590. Call me or email me and I will get you the lender information to see if this is possible. You should shop around to make sure you are getting the best deal. I look forward to speaking with you soon.

Jennifer Barker
Exit Realty Central
407-539-Exit (3948)
711. N. Orlando Ave
Suite 302
Maitland, Florida 32751
0 votes Thank Flag Link Sat May 12, 2012
Yes, it can be done, but it’s not going to be easy. You can qualify for a FHA loan 36 months from the date of bankruptcy discharge You are also treated as a "first time home buyer" if you have not been on title or mortgage note in the past 36 months. The issue is going to be if you have a no credit or low credit. If you have “No Credit” meaning there is nothing being report to the credit bureau and you have no score there are several options.

The Florida Housing Bond program allows for "Manuel FHA Underwriting”, however I’m not sure if you meet the income guidelines.

A seasoned lender will also know how to add trade lines to your file. Items such as on time rent payments to a management company, on time payments to your cable, utility and insurance company if they have more than a 12 month history. There may be a charge for this service.

Hard money bridge loan: Hard money loans typically have a much higher interest rate and are designed for short periods (3-5 Years) giving the borrower an opportunity to acquire a property, establish a payment history and then refinance to a traditional loan.

Seller financing: Seller financing is starting to take off in the Orlando market as more investors are taking advantage of the great values in the Central Florida Market. I would recommend you have an attorney review any seller financing documents.

Large banks such as Bank of America, Wells, Chase, etc traditionally don’t provide the type of services you are looking for. I recommend a small to mid size mortgage lender or a bank such as Trustco that does not sell the loan after closing.

I’ve had success with tough loans using Don Estell at RP Funding don.estell@rpfuningcorp.com 321-689-0283
0 votes Thank Flag Link Wed May 2, 2012
I know an organization (100% legitimate and no hard money) who will work with you
1. You have a recent history of on time payments of rent (24 months)
2. No judgments or credit issues in the last 24 months.
If you are ok with the above, I believe they can help you. If you qualify they require
no downpayment and no closing costs. Call or email me for further details.
407-864-3139, or sylvia@sylviapaulrocks.com

Sylvia Paul
Realty Center
Orlando, Florida
0 votes Thank Flag Link Wed May 2, 2012
This sounds like a NACA loan.
Flag Wed May 2, 2012
Look for someone willing to do seller financing. Unless you have reestablished credit you won't get conforming or FHA financing.
0 votes Thank Flag Link Wed May 2, 2012
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