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The Reserve : Real Estate Advice

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  • Home Buying16
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Activity 16
Sun Jan 10, 2016
Invstnlfp answered:
I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans in all 50 states. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
... more
0 votes 10 answers Share Flag
Fri Nov 6, 2015
Rodney Williams CAHP answered:
I haven't read all the answers here, but the correct answer is seven years. Although we have been able to have the reporting removed earlier than the seven year mark.
1 vote 28 answers Share Flag
Tue May 26, 2015
Danny Orbe answered:
There is a great program that can help people in your situation qualify to purchase a home. We work closely with the Home Partners of America who work with people with credit scores in the mid 500s. They purchase homes in certain cities where the school district ranks in the top 50% of the county. If you qualify you can lease the house for up to five years. After leasing for a minimum of one year you have the option to purchase the home. The leases start at $1,250 a month. I hope this was helpful. If you have any more questions please feel free to get in touch with me. ... more
0 votes 1 answer Share Flag
Fri May 22, 2015
Jorez asked:
We bought a house 3 years ago with an interest rate of 6.25%, (put ALOT of money down).We have been over 4 years since the release of the bankrupty. The mortgage office that is handling…
0 votes 0 Answers Share Flag
Thu May 21, 2015
Brian Bachan asked:
Thu May 21, 2015
Eric Morgenson answered:
YES you can buy a Home a day after a foreclosure or short sale!! These loans require 20% down or 80% loan to value. Low FICO score are OK, a low score is normal after a foreclosure. Email me for a rate quote. Eric.Morgenson@AngelOakHomeLoans.com. These are 30 year fixed interest rate loans with zero pre-payment penalties. You do not have to wait to buy a home. ... more
2 votes 1 answer Share Flag
Thu May 21, 2015
Eric Morgenson answered:
YES, it's called the Bank Statement loan for those folks who are self employed. Email me at Eric.Morgenson@AngelOakHomeLoans.com for a rate quote. These are all 30 year fixed loans with no pre-payment penalties. They require 20% down or 80% loan to value. Low FICO scores are OK. ... more
0 votes 1 answer Share Flag
Mon May 18, 2015
Tony Grech answered:
Hi Ed
If you sell the home you must pay off the balance of the VA loan with the proceeds from the sale. This is taken care of at the time of closing.

If you are purchasing another home and wish to obtain ANOTHER VA loan, there is a process to have your eligibility restored for the new loan once the current one is paid off (you cannot have 2 VA loans at the same time)

Please be aware though that unless you are exempt from paying the VA funding fee, the funding fee charged on any future VA loan is going to be pretty hefty - 3.3%

Hope this helps!
... more
0 votes 1 answer Share Flag
Sun May 17, 2015
Ernie Behrle answered:
As long as you owe anything on a credit card, its part of your credit history. I have been told very good sources that as long as you don't have too many cards and try to keep them at about 50% of credit limit, this is optimum for good credit scores. If you are saying you have late pays, those months that show as being late remain on your credit pretty much as long as you own the card but really only hurt you credit wise for 12 months. ... more
0 votes 3 answers Share Flag
Fri May 15, 2015
Jmiccio answered:
Fri May 15, 2015
Jmiccio answered:
Darlene,

Discharged bankrupsies will stay of your report forever. The type of bankrupsy will determine when you can obtain mortgage financing. The years are counted based on the date of discharge. ... more
0 votes 1 answer Share Flag
Fri May 15, 2015
Jmiccio answered:
It will stay on your report forever. You will not be able to obtain mortgage financing for a period of 7 years.
0 votes 1 answer Share Flag
Fri May 15, 2015
Jmiccio answered:
It never comes off your credit report. It will however report as paid.
0 votes 1 answer Share Flag
Thu May 14, 2015
Dan Tabit answered:
Dpope,
Get to an attorney tomorrow. If you are contemplating bankruptcy you'll need one anyway. We don't know enough details to answer any better than this.
0 votes 2 answers Share Flag
Thu May 14, 2015
Noah Seidenberg answered:
It depends on the circumstances. A few years for sure.
0 votes 2 answers Share Flag
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