bankruptcy friendly mortgage lenders
Where can I find a bankruptcy friendly mortgage lender?
Hi, I want to buy a house in WA state. My Ch 7 BK was discharged/closed October 15, 2005. My annual income is $104K (W2 verifiable) and my middle score is 676. I would like to get pre-approved for $250K and I have ~ 4% to put down. Credit report does not show any foreclosures.
Does anyone have any idea where to shop for a lender?
One more thing I just learned. Included in my bankruptcy was a home loan. I guess that means I have a foreclosure. Is it still possible to get a mortgage?
This is not that big of a problem. Many mortgage brokers can help. I would suggest going with a local lender in the area you are moving, though. Out of state lenders are often problematic for one reason or another and nearly always cause delays.
A great way for you to get a good lender is to go to BNI.com. Find a chapter in the area you are moving to. Look up a Realtor member of that group and ask them who is the best lender for your situation.
One other thought…compare what your loan would look like now, and what your loan would look like in October. You may or may not decide you want to wait until your BK has been discharged for 2 years. That does not mean that you cannot get creative with your Realtor and tie up the house sooner, but not close until after October. Extended closing with the right to occupy (and pay rent) between now and then, etc.
