Help My Family Please! We Need For A Mortgage!
Currently we are living in a rental house. Lived here for 5 years and only late on rent once. The owners want us to buy or they have to sell to someone else.
Our dilemma is we are currently in chapter 13.
Does anyone know if a mortgage is even possibble we live in Virginia. I called a few places in the phone book and they said no way. As soon as I said we are in Chapter 13. We can come up with 5% down maybe a little more if we have to. I have no idea what our fico score would be. Any information would be greatly appreicated. Thank You!
I would think that the only people that may trust you are the current owners. If you're in bankruptcy, you're credit is shot of course, and noone wants to lend to you. So after you get out of ch.13 approach the current owner and see if he'll finance it for you...
Thanks for reply I was wondering if anyone would answer. The owners of my house need to sell because they have some money problems too. But say they wish they could help us.
DottieDot,
Try looking for a L/O or what some people (like me) call a RentToOwn...
....for 3+ years on the option..or more..
I do openended..L/Os
...so YOU have time to clear up your CREDIT!!!
....as always,
GoodInvesting, Rocky
You can get an FHA mortgage if you are 1 year into your Chapter 13 and have made all trustee payments on time, with trustee permission
What Sharonbb said is correct. I've been a mortgage broker since 1996 and have been doing FHA loans for years. If a loan officer tells you that FHA doesn't do that, fire them. They're not informed enough to help you.
Don't let your chapter 13 and credit problems keep you from being an investor. Rather than get a loan in your name for a new house, just buy it subject to, lease option, land contract, etc from a motivated seller. There is no reason that you can't do it. Good Luck and God Bless!
Thanks everyone for all the information. It's nice to know about the FHA, gives me hope for the future.
DottieDot
DottieDot - when you say you are currently in a Chapter13.... You mean, your BK hasn't discharged yet???
If it hasn't been discharged... Forget it. No-one...And, I mean no-one will lend you money... However, like Rocky said... Perhaps, you could find someone to Purchase the property and L/O it to you... I mean depending on the Property... You said, you have 5% down... Could work out!!
Wish you the best!
Hello Dottie ,
As I have been reading about your situation I think the best bet is to have someone else buy it and you make the payments to this new person. However the current owner can sell you the house as a seller financed mortgage then they can find an investor to sell the paper note to and the house will still be yours and the current owners will get all there money for the house so they can fix their own money problems. You in turn will start to make payments to the investor like if you were making payments to a bank.
You get the house:
the seller gets their money:
the investor has a great investment :
EVERYBODY WINS !!!!!!!!!!!!!!!!!
Hello again Dottie
Explain to the owners what I wrote to you previously. Maybe they will try since you have been living in their house for 5 years. I believe they should give you an opportunity.
best wishes, Abe