can i still get a loan to buy a 40000 dollar house when im still owner of a house and paying with a home modification program?

Asked by Wanabuyahome, Chicago, IL Sun Oct 3, 2010

i want to buy a new home but i have bad credit because i stopped giving my present house payment now i qualified for a home modification program and now i seen i new home for 40000 dolars and im intrested

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stepehnsiva, Home Buyer, Chicago, IL
Sat Sep 21, 2013

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0 votes
Robert Pratt, Agent, Chicago, IL
Mon Oct 4, 2010
Hi there!

Based on the amount of information you have provided here, it is unlikely that you will be able to qualify for a mortgage in the near future.

The only way to know for sure is to consult a mortgage lender.

So, that's your best bet - talk to a mortgage lender.
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0 votes
Matt Laricy, Agent, Chicago, IL
Mon Oct 4, 2010
I would speak to a lender directly, but going off the information you provided, I would say no.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
0 votes
Naiyoko Scha…, , Flossmoor, IL
Mon Oct 4, 2010
Not knowing exactly what your credit looks like, It seems that you would have a very hard time qualifying for a mortgage right now. You admit that you have bad credit and didn't pay your mortgage. This will reflect on your credit and you may have a hard time qualifying for a loan. I suggest you contact a mortgage specialist to see how you can improve your credit and how long it would take before you can qualify for a loan. Give me a call, I will be happy to recommend one to you. If you are ready to move now, you can do a rent with options to buy, if the seller allows that on this property. There are a few options that you may consider and I will be happy to discuss this with you in more detail. You can reach me at 708-922-4130 or email me at

Good Luck, Naiyoko
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