I'm in FL, just signed 1 year lease with apartment (ends mid-June 2005) Filed BK7 4/03, discharged 7/03 When is the best time to start looking for mortgage broker? We're thinking of purchasing townhome/condo after our lease is up in mid-June 2005 (we can sign month to month if we have to postpone for some reason. We'd really like no down payment programs and/or no closing cost if possible. Any help from any of you would be greatly appreicated! P.S. Anyone recommend honest and good broker in Tampa Bay?
There are many many programs out there for people with all sorts of credit and credit problems. I wouldn't be too excited about finding someone to get you into a home with $0 down and $0 at closing. Especially one year post discharge. We esentially applied for $0 down but had to put down $1000 deposit for them to start building the house and $1000 a month later for something or other. I think we ended up putting down about $4000 from start to finish. This all at one year post discharge. We got a conventional loan through the builder's lender which also allowed us to get a free washer/dryer and fridge as an incentive to use them. Even when they said we got the house I still didn't get excited. Not until they handed us the keys at closing and until we got in the car to leave. It's possible to get a mortgage. Just make sure you expect to pay some monies and a higher interest rate. Good luck.
My recommendation is to start now by finding a local non-profit group that counsels potential homebuyers. I went to one in my areas and took their courses (minimal donation). They had a wealth of information and can usually work with you to help you re-build your credit and make you aware of various state and federal programs you may qualify for. They are generally not affiliated any banks or mortgage companies, they just work to help homebuyers.
2 years post-bankruptcy is usually necessary for better mortgage rates. Your mid-June prospective move date might be cutting it a little close. Best to start talking to mortgage brokers who specialize in BC credit now rather than later.
2 Years after dc with no lates after the dc is what most brokers need to get the best terms ect.. no such thing as no closing cost or zero down safe to have at least a few thousand to work with..Good Luck!
