Can A First Time Home Buyer Buy After Bankruptcy? | REALTOR ...

Q:Buying after bankruptcy, can it be done? Can I find a Realtor that would help me on that? I?m a first time home buyer and I need help please.
?Romy, Brandon, FL

A: Consult a mortgage broker in regards to what products could potentially be available to you and what the qualification criteria is. Keep in mind that a Realtor can represent you in the purchase of a property, whereas a mortgage broker/loan officer can assist you in the financing aspect of it.
Alex Cortez is a Realtor? with Wailea Village Properties LLC dba/Island Sotheby?s in Kihei, HI.

A: You need to find a good lender and see what they can do. Lenders assist their clients with credit repair often. If there is a way to get you into a home loan, a good lender will find it.
Tracey Martin is a Realtor? with Realty World Premier Associates in Salinas, CA.

A: A Realtor can help you identify a home and negotiate on your behalf. Take a step further and schedule to meet with a local lender in your area that will look at your financial situation, the bankruptcy, etc. and set you on the right path for becoming a homeowner. It can be done, you just need to start at the right place and that is with the loan qualification process.
Maria Jeantet is a Realtor? with Coldwell Banker C & C Properties in Redding, CA

A: I would start by contacting a mortgage professional to see if/what you can qualify for.

Good luck!
Ben Fisher is a Realtor? with Summith Sotheby?s International Realty in Park City, UT.

A: It can be done, You have to wait a certain amount of years. You need to speak to a lender and they will advise.
Caroline Frenette is a Realtor? with RE/MAX DFW Associates in Flower Mound, TX.

A: You may be able to finance the purchase of a home two years after you have received your bankruptcy discharge, but you may qualify as early as one year after filing Chapter 13, or one year after discharge in Chapter 7.

Since a large proportion of home loans depend on FHA or VA loan guarantees, your ability to qualify for those guarantees may determine when you are able to obtain a home loan.

The FHA will insure mortgages to individuals who have filed Chapter 7 liquidation bankruptcy two years after the discharge if ?the borrower has re-established good credit (or has chosen not to incur new credit obligations), and has demonstrated an ability to manage financial affairs.?

With a good credit score you have many options for obtaining a loan. FHA, RHS, VA (if you have Veteran status), State and Local programs along with Conventional conforming or non- conforming loans should all be potential options for you.

The FHA has their own guidelines for loans they will accept. Keep in mind that FHA is not a bank; it?s a government agency that insures loans from FHA approved lenders. While the FHA will have its rules, a bank will also have its own rules as well. Most banks today are only willing to finance FHA loans with credit scores of 640 and above. The FHA however will allow loans with credit scores as low as 540 with 20% down. Also, the FHA will require that you put down a minimum of 3.5%.

Conventional loans are typically for borrowers with money to put down (10-20%) and good credit scores. Most lenders in today?s market require a middle credit score of 660 or better to qualify for a conventional loan. To get your best deal you will need a credit score of at least 720. Since conventional loans are approved through underwriting engines created by Freddie Mac and Fannie Mae, the higher your credit scores are the better terms (rate) you will get. Conventional loans currently require a minimum of 5% down. Except in rare circumstance, no money down loans are a thing of the past and getting rarer by the minute.

Interview mortgage brokers and obtain recommendations on them to find the one that works best with you. Your new mortgage broker will then be able to show you an entire suite of loan options.

Good Luck!
Lee Dworshak is a Realtor? with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.

A: It can be done. You would need to build up your credit history again. Generally it will take at least two years before creditors may take a look in your direction again, but be prepared for higher interest rates and stiffer terms.The bankruptcy will stay on your record for 10 years, but it does not mean that you will not be able to get credit till then.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.

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Related posts:

1. If I Filed Chapter 7 Bankruptcy, How Long Before I Can Buy A New Home?
2. How Soon After A Bankruptcy Can We Get A Home Loan?
3. Where Can I Go To Qualify For A Loan If I Have A Low Credit Score?
4. Can I Buy A House After A Bankruptcy And Foreclosure?
5. How Can We Get Financed For A Home When We Have Bad Credit?

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