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Home Buying in Long Beach : Real Estate Advice

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Activity 10
Thu Jan 19, 2017
John Burke answered:
Hi Michele,

Yes you can buy a home even if you've had a bankruptcy in the past.

The basic requirements are as follows.

FHA requires a 2 year wait after a chapter 7 BK discharge to be eligible - If you included a mortgage in the BK the wait time changes to 3 years and the clock does not start until the bank takes back title to the home. If you filed a chapter 13 FHA & VA allow you to purchase 12 months INTO the BK but you'll have to wait for one year after the chapter 13 is discharged to be eligible for an FHA or VA mortgage.

VA also requires a 2 year wait from the discharge of a chapter 7 BK even if you included a mortgage.

Fannie Mae requires a 4 year wait from the discharge of a chapter 7 BK.

You really need to focus on re-establishing your credit post BK & your credit has to be clean for at least 12 months,

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online:
NMLS# 787231
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Tue May 26, 2015
Dave Woodson answered:

When is the last time you talked to a lender? I think you should talk to another one and get a 2nd opnion
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Sat Apr 18, 2015
Linda asked:
Our current lease ends in august ( verbal lease) and we are want to buy, but in the process of building and stabbing credit,3 bedroom preferably and we are in a homeownership program with…
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Mon Feb 16, 2015
Bobbie Cavic answered:
Home prices on Lake Shore Drive the past 12 months range between $150,000 for 1 bed condo with lake views to $2.3 million for new construction on the beach. The variables that affect values are lakeside or hillside, condo or single family, beach access, lot size, and age or condition of home. There are 6 distinct neighborhoods here, all with various beach rights, access and HOA considerations. Hope this is helpful. ... more
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Mon Feb 16, 2015
Bobbie Cavic answered:
There are both long and short term rentals available in the area; a good source of information can be local realtors who may have first hand knowledge. Rental properties area also now listed in our local MLS which has consumer access. ... more
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Sat Sep 20, 2014
Tim Moore answered:
Talk with your Realtor and let them advise you.

It does not matter what they bought it for, it matters what it is worth as it is today. We have no idea what it's worth. Paying closing costs helps the buyer out with not needing as much cash in the bank to close because they pay some of your closing costs for you. It's the same as reducing the offered amount that same amount. I would make an offer on the house and that offer would included the appliances with a dollar allowance agreed on by you both.

I assume you are getting a loan because you want an appraisal to show the house is worth what you are paying.
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Wed Jan 6, 2010
Tim answered:
Why can't you qualify for a mortgage loan? Did your lender give you any specifics or did they just turn you down? I work with a lot of realtors in LaPorte County and am a mortgage broker. Contact me anytime, I'd love to evaluate your situation. ... more
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Sun Dec 13, 2009
Dallas Texas answered:
No one can predict that you can contact a local realtor determine if you can receive a 3 year history of homes sold in that area could provide you an average.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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