help with buying house for the 610 credit score after bankruptcy

Asked by Nay Lasco, Buffalo, NY Sun Dec 15, 2013

hi from Buffalo New York have a similar situation to the lady that posed before me, I've got a 610 credit score and looking to purchase a home in Buffalo New York with 6 to 10 percent down... had filed bankruptcy back in September of 2012, but since then I've got a credit card from Capital One and am slowly building my credit, it seems like conventional bank lending does not want to work with me, I work part time plus I also on my own my own business which is an S corporation here in New York I'm not sure if that's what's hurting me... any advice would be awesome I'm looking to purchase maybe in March.
Naomi, buffalo ny

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Annette Law…, Agent, Palm Harbor, FL
Tue Jan 14, 2014
Naomi, their are many dynamics in play in regards to your situation. As others have pointed out, the bankruptcy will prove problematic which is why you mentioned that situation.
My advise to you is:
1. Contact a Buffalo Realtor to assess they type of real estate you are wanting to purchase. The type and price point are influencers that need to be recognized also.
2. Your Realtor will have an inventory of lenders who have a track record of delivering solutions on time under budget and without the hysteria.
3. Work with the referred lender to establish a path to a successful purchase. If not now, six month or 12 months from now.
Because the Realtor and mortgage broker have a symbiotic relationship, BOTH will be persistant in pressing to find a solution as soon as possible. New loan products come up at surprising frequency. All that will be required of you is LOYALITY and staying the course by reducing spending, saving a few dollars, paying on time and keeping that P/L in the black.
Does your business have receivables or inventory that can be applied to the lending process? Be sure to mention this when chatting with the mortgage broker. If the mortgage broker gives you the 'deer in the headlights' look, ask your Realtor for another referral.
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, ,
Tue Jan 14, 2014
Hi Naomi,

The key will be in speaking with an experienced lender who knows the right questions to ask about the history and reasons for the bankruptcy as well as your job history and other aspects of your specific situation. You can potentially be approved for an FHA loan, but I would have to spend 15 minutes or so on the phone with you to ascertain whether you had a realistic shot at it..

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!

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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

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Craig Wheeler, Agent, Williamsville, NY
Tue Jan 14, 2014
Honestly, since you own your own business, banks are definitely going to make it tougher for you to purchase. The consistently ask fro a P/L statement in most cases to prove financial strength. They can be reluctant to approve a Mortgage in some of these cases. I suggest a Mortgage Lender may be your best bet, seeing as though they can shop for the best fit for you. I you have any questions I'm local so feel free to contact me.
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