Hello! We filed BK7 (discharged 8/99), we have some lates since then but current now, no Charge offs or collections. Husband makes 4400 monthly, (Active duty for 19 yrs). We tried two months ago to buy a car for 20,000 and NOBODY would consider him. We live in Florida, rent from a builder and want to buy this house...(houses in this neighborhood are worth $300,000 and up.) We can buy this house for 250k. DH has paid a VA loan already and can get his VA cert. I am terrified about mortgage companies turning us down. Remember: they wouldn't touch him for a 20k car loan.
What are both of your current FICO scores? Why were you turned down for the car? How much do you have as a down payment? Are your reports absolutly clean??? Have you tried to get pre-approved for the amount of the house? What type of credit have gotten since BK?
I have heard that after a Ch7, ANY late payments are taken very seriously. Make every effort you can to get rid of those late payments.
What are both of your current FICO scores? DH score average is 590, mine is 640 Why were you turned down for the car? No money down. They shot gunned us so we have several inquiries How much do you have as a down payment? VA requires 2% for a second VA loan...I think? Are your reports absolutly clean??? Late payments but current since June Have you tried to get pre-approved for the amount of the house? Not yet....scared to be turned down What type of credit have gotten since BK? Car Loan, credit card
My office just paged me, I don't have time to properly respond. When I get back I post somethings on how to interview a lender so they don't pull that worked for me and my wife.
I am in FL to, in Broward county. VA wants 3% down with a max loan value of $195.220. Which will put you over the limit for your house. You might get a FHA loan with 5% down for the amount you are looking at. First, try to get ride of any late payments on your CR. You need 3 good positive TL. No late pays, good balances, etc. Shop for a lender. When you meet with a lender tell the you have been discharged from BK since XXX our current scores are TU XX, EX XX, EF XX. They will take the lowest of you and your DH middle score. Tell them you are in a house now, it was appraised on XX for $XX. Ask them the last time they financed someone in your shoes at a normal interest rate with little or no money down. If they start off by saying we need to pull your reports, tell them no. If they still give you a hard time or say no, then learn the power of walking away. When a lender tells you no, it is like telling a kid no. It does not mean "no". It means "NEXT". There is a lender out there that will finance you, you just have to find them.
Any lates after a BK has been filed will be extremely difficult to work with, "Kiss of death" actually,because you filed the bk to get yourself situated and start fresh again, so there aren't many understanding companies or financiers that will give you a first look even. Stay on top of the payments, check Ford Motor Credit for a loan, they have a good program, and check the mortgage forum for info on the loan also.........
