Posted on: 10th Feb, 2010 11:05 am
this home is not for an income opportunity. it is a second home, for my father and i, for the summer months.
we are searching for a simple home or manufactured home on its own land, or possibly in a park setting, priced between $10,000 - $70,000.
i have some monies reserved for a down payment, and can pay up to 10%.
here are the negatives regarding my qualification for a loan:
i filed for chapter 7 bankruptcy in october 07 discharged april 08, due to medical bills, which stemmed from an on the job injury, pus a temporary loss of work.
the positives:
i have since been re-building my credit.
my scores are 690 (transunion) 680 (equifax) and 585 (experian) on this last score, there are a couple of credit discrepancies that i am trying to have removed, but i am experiencing communication issues with experian. i am still trying to resolve to have these discrepancies removed from my credit report.
i currently own a home that i purchased in 07, and have always been current on my mortgage, despite the chapter 7 bankruptcy. my payments are $1036.00/mo. this payment includes pmi, home insurance and property taxes.
i have two credit cards, one is paid off, and the other i own about 1/4 of the $1,000 balance.
i also have taken out a personal loan for about $3,600 and will have this loan paid off by march of 2010.
i am now working full-time with the same employer, at the same line of work, plus, i receive social security disability. my total yearly income is around $60,000.
my monthly debt, including mortgage, car payment and household expenses is around $1,900.00 per month.
if i cannot qualify for a loan, i may try owc, as there are many home available in the area where my father is interested in living.
please let me know if you need any other information from me.
thank you so very much for your time and information.
have a wonderful day!
we are searching for a simple home or manufactured home on its own land, or possibly in a park setting, priced between $10,000 - $70,000.
i have some monies reserved for a down payment, and can pay up to 10%.
here are the negatives regarding my qualification for a loan:
i filed for chapter 7 bankruptcy in october 07 discharged april 08, due to medical bills, which stemmed from an on the job injury, pus a temporary loss of work.
the positives:
i have since been re-building my credit.
my scores are 690 (transunion) 680 (equifax) and 585 (experian) on this last score, there are a couple of credit discrepancies that i am trying to have removed, but i am experiencing communication issues with experian. i am still trying to resolve to have these discrepancies removed from my credit report.
i currently own a home that i purchased in 07, and have always been current on my mortgage, despite the chapter 7 bankruptcy. my payments are $1036.00/mo. this payment includes pmi, home insurance and property taxes.
i have two credit cards, one is paid off, and the other i own about 1/4 of the $1,000 balance.
i also have taken out a personal loan for about $3,600 and will have this loan paid off by march of 2010.
i am now working full-time with the same employer, at the same line of work, plus, i receive social security disability. my total yearly income is around $60,000.
my monthly debt, including mortgage, car payment and household expenses is around $1,900.00 per month.
if i cannot qualify for a loan, i may try owc, as there are many home available in the area where my father is interested in living.
please let me know if you need any other information from me.
thank you so very much for your time and information.
have a wonderful day!
Hi mdwaw,
You've mentioned that you had filed Chapter 7 bankruptcy. You should note that in order to get a conventional loan after chapter 7, you need to wait for 4 years whereas to get a FHA loan, you need to wait for 2 years. With a credit score of around 680, you may apply for a FHA loan once 2 years of your bankruptcy discharge are complete. However, it would be your lender's discretion whether or not he would give you a loan. In most cases, if you already have a loan on a property, lenders do not agree to finance another property for you.
Thanks
You've mentioned that you had filed Chapter 7 bankruptcy. You should note that in order to get a conventional loan after chapter 7, you need to wait for 4 years whereas to get a FHA loan, you need to wait for 2 years. With a credit score of around 680, you may apply for a FHA loan once 2 years of your bankruptcy discharge are complete. However, it would be your lender's discretion whether or not he would give you a loan. In most cases, if you already have a loan on a property, lenders do not agree to finance another property for you.
Thanks
