Hey Leslie, I sent Noey a comment for you. I'm sure she will find you soon. =) In the mean time you can start following some of the other blogs on the site. Although, I will warn you its addictive...lol!
OMG!!! SO ANGRY!!! I just spent 20 minutes typing a response and it wouldn't go through and it erased it!! GRRRRR
Ok...short short short version!
We had b/k. We got pre-approved and are waiting final approval. We are also building with Ryan Homes.
YES...you can get a mortgage home loan after a b/k. But it cannot be APPROVED until 2 years after the discharge date. Find that info out.
We declared b/k in 2009. It was discharged April 14, 2009. So as of April 15, 2011, we knew we could try.
We started looking for homes in Feb. We found what we loved with Ryan Homes and contracted to build a Milan. We were honest with everyone upfront about our b/k. We tried for a USDA loan but had to wait one more year. Tried for a SECU loan, but they wanted more credit history since the b/k. We also tried a local bank and they flat out said no. =(
We also started the process with NVR, Ryan Homes' parent company. Our B/K was tricky and caused some issues. Had it been a normal chapt. 7 we wouldn't have had nearly the amount of issues here. NVR was willing to take it on, only if we could a non-resident co-signer. =/ But they didn't give up on us and found a company they broker with that was willing to give us a chance! By the time April 15th got here we were pre-approved! And we just sent everything off to final underwriting last week and hope to hear something by this Friday. We'll see. *saying prayers*
I know FHA WILL give loans after a b/k after the 2 year discharge date and with a credit score of at least 580 I think (you can check out that online). No worries! You CAN still get a mortgage loan!!
You will need to find all your b/k paper work. They day you filed, the day all it went to court/it was finalized whatever, and the paper with the discharge date. They will need copies. Eventually you will be asked to write a letter of explanation about your credit and b/k. Be honest. We were.
The thing is Leslie, there is hope. And from our experience NVR was willing go out of their way to help us. =) The best thing you can do is start the process.
A friend of mine is also using NVR. She has a bunch of complicated issues. NVR was not able to help her immediately, but told her what needed to be fixed and gave her pointers on how to do it. They will be re-pulling her credit in 30 days to see if it all has improved her scores. If so, they are willing to help. So you see, even if they can't do it immediately, they are willing to help you out so they can!
You don't know unless you try!! And just because you can't be finally approved yet, doesn't mean you can't start the process. Loans are given to people who had b/k's every day. =)
My best advice is if you are close to your discharge date, START THE PROCESS!!! You never know unless you try.
I am Facebook friends with Minaq. If you want to talk more, find me there and PM me!! (private message)
Wow, thank you so much for the in depth information. You have really calmed my nerves down. I will be calling the NVR person tomorrow. My discharge will be 2 years in August. I have all my info too. My score is way above 580, the last i pulled it was about 650. It may be better by now. I will let you know how the conversation goes with the NVR person. Thanks Again!
You sound like you are in a Great position to get the loan!! =) They can pre-approve you and in some cases start the process while waiting on final approval. So start now honey!! GL! And keep us posted!
bankruptcy is difficult process. buying a home after bankruptcy is not easy process. understanding bankruptcy is very important before you go ahead with your deal. Newbuy
Hey Leslie, I sent Noey a comment for you. I'm sure she will find you soon. =) In the mean time you can start following some of the other blogs on the site. Although, I will warn you its addictive...lol!
ReplyDeleteOMG!!! SO ANGRY!!! I just spent 20 minutes typing a response and it wouldn't go through and it erased it!! GRRRRR
ReplyDeleteOk...short short short version!
We had b/k. We got pre-approved and are waiting final approval. We are also building with Ryan Homes.
YES...you can get a mortgage home loan after a b/k. But it cannot be APPROVED until 2 years after the discharge date. Find that info out.
We declared b/k in 2009. It was discharged April 14, 2009. So as of April 15, 2011, we knew we could try.
We started looking for homes in Feb. We found what we loved with Ryan Homes and contracted to build a Milan. We were honest with everyone upfront about our b/k. We tried for a USDA loan but had to wait one more year. Tried for a SECU loan, but they wanted more credit history since the b/k. We also tried a local bank and they flat out said no. =(
We also started the process with NVR, Ryan Homes' parent company. Our B/K was tricky and caused some issues. Had it been a normal chapt. 7 we wouldn't have had nearly the amount of issues here. NVR was willing to take it on, only if we could a non-resident co-signer. =/ But they didn't give up on us and found a company they broker with that was willing to give us a chance! By the time April 15th got here we were pre-approved! And we just sent everything off to final underwriting last week and hope to hear something by this Friday. We'll see. *saying prayers*
I know FHA WILL give loans after a b/k after the 2 year discharge date and with a credit score of at least 580 I think (you can check out that online). No worries! You CAN still get a mortgage loan!!
You will need to find all your b/k paper work. They day you filed, the day all it went to court/it was finalized whatever, and the paper with the discharge date. They will need copies. Eventually you will be asked to write a letter of explanation about your credit and b/k. Be honest. We were.
The thing is Leslie, there is hope. And from our experience NVR was willing go out of their way to help us. =) The best thing you can do is start the process.
A friend of mine is also using NVR. She has a bunch of complicated issues. NVR was not able to help her immediately, but told her what needed to be fixed and gave her pointers on how to do it. They will be re-pulling her credit in 30 days to see if it all has improved her scores. If so, they are willing to help. So you see, even if they can't do it immediately, they are willing to help you out so they can!
You don't know unless you try!! And just because you can't be finally approved yet, doesn't mean you can't start the process. Loans are given to people who had b/k's every day. =)
My best advice is if you are close to your discharge date, START THE PROCESS!!! You never know unless you try.
I am Facebook friends with Minaq. If you want to talk more, find me there and PM me!! (private message)
Wow, thank you so much for the in depth information. You have really calmed my nerves down. I will be calling the NVR person tomorrow. My discharge will be 2 years in August. I have all my info too. My score is way above 580, the last i pulled it was about 650. It may be better by now. I will let you know how the conversation goes with the NVR person. Thanks Again!
ReplyDeleteYou sound like you are in a Great position to get the loan!! =) They can pre-approve you and in some cases start the process while waiting on final approval. So start now honey!! GL! And keep us posted!
ReplyDeletebankruptcy is difficult process. buying a home after bankruptcy is not easy process. understanding bankruptcy is very important before you go ahead with your deal.
ReplyDeleteNewbuy