Howdy All, It's been a few years but life has presented me with another opportunity to restart from scratch. Had a fire at our business and lost the business, house, and farm in the aftermath. The CH 7 was finalized in September and I got my first job not working for myself or Uncle Sam (20+ years Army) in 30 years, this January. I do have military retirement also. I'm looking at buying a fixer-upper and I do have a current VA certificate of eligibility. Basically, we have no savings yet. Current scores without disputing anything are Exp: 578 (At least one error there) EQ: 638 TU: 612 Any suggestions from the audience? Thanks, Dancer
FHA will do it after a year and VA will do one after two years, but other than that, all suggestions have involved private lenders. I'm willing to do a private lender at a higher rate as long as it doesn't have a "No Pre-payment" clause. Got any ideas?
I have lots of lenders I work with I am a Realtor in Tennessee I see this a lot but Va is usually the easiest to get . Also FHA has a program for no money down to get a home But on another' note if self employed they might ask for a longer track record for pay history income verses net .
I'm wondering if you have been/wish to work on getting your credit fixed? I bet with a higher score you would have more options wouldn't you?
Hi Teresa, Thank you for your reply. I've actually got a "real job" now, working for a major institution as a salaried mid-level professional. I can claim the last couple of years as being in school and looking for a job; so I think the pay history won't be too much of a problem. I'm working on getting my score up now and I have guaranteed income from my military retirement. My problem is that nobody will talk to me following the Chapter 7. Got any ideas?
Hey! I wouldn't say tricks lol, but I do have something I would consider a treat to yourself!! I have a company that I am spreading the word about because there are soooo many people stressing with credit issues. I want to send you some info about it so that you can look into it and let me know what you think, if thats fine with you...
Conventional lenders will work with you 18 months after a BK with 5-10% down payment. If you have 20% or more down, u can get a loan now. If you want FHA loan (3.5%) you have to wait 2 years from the date of discharge.