Q: Do you know of any banks that will finance a home after filing bankruptcy one year ago? We had great credit scores before the bankruptcy and through no fault of ours we had to file. November will be a year (we only filed on credit cards). Our credit score is now 660.
?Kathleen, York, PA
A: Dear PA Buyer,
Your only option is to use private lenders. They may be willing to loan to you, even though you are considered high risk. You will probably have to pay 2-6 points in fees and pay a higher interests rate, like 5%-17%, depending on your scenario.
Remember, even if you purchase now at a higher interest rate, if you keep your credit clean and pay everything on time for 2 years, you should be able to refinance into a better, traditional loan with lower interest rates.
I suggest searching websites like OwnAmericanProperty or 1to1realty to get the names of private lenders.
I hope this is helpful!
DeniseTheRealtor CA DRE Lic No 01481788
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.
A: Dear PA Buyer,
Your only option is to use private lenders. They may be willing to loan to you, even though you are considered high risk. You will probably have to pay 2-6 points in fees and pay a higher interests rate, like 5%-17%, depending on your scenario.
Remember, even if you purchase now at a higher interest rate, if you keep your credit clean and pay everything on time for 2 years, you should be able to refinance into a better, traditional loan with lower interest rates.
I suggest searching websites like OwnAmericanProperty or 1to1realty to get the names of private lenders.
I hope this is helpful!
DeniseTheRealtor CA DRE Lic No 01481788
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.
A: Dear York bankruptcy, The common understanding I have is two years must pass before a traditional bank will will loan again. Then too a low credit score may prevent you from borrowing. The buyers in the best position are those with large sums of cash for down payment and closing costs. Of course, purchase price and location is always a factor too. Consider BuyHouseNowNoBankNeeded for buying before the two years. Buying now not only gives you a BIG TAX BREAK but also allows you to capture the increased equity over the next few years as home prices are at an all time low.
JT Kaelin is a Realtor? with Fairfax Realty Inc.
Are you interested in having a qualified REALTOR answer your questions? Click through to Ask a REALTOR? now.
Are you a REALTOR who would like to answer consumer questions? Click through to become an Ask a REALTOR? participant.
Related posts:
- Can I Buy A House If I Don?t Have A Long Work History?
- I Had A Bankruptcy Discharged Six Months Ago, Can I Buy A Home?
- Can We Get A Mortgage Loan Five Years After Bankruptcy?
- My House Was Part Of My Bankruptcy Filing, How Long Will It Be Before I Can Buy A New Home?
- I Filed For Bankruptcy, If I Sell My Home Will I Ever Be Able To Buy A New One?
branson missouri davy jones dead monkees last train to clarksville tim tebow taylor swift post grad arpaio
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.