Real Estate Virtual Assistant & Agent, Proud to Serve Your Real Estate Needs (Christine Wade)

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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Waiting for definitive answers from  Caroline Gerardo  and/or Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi  and/or John Meussner and/or  Khash Saghafi and/or @Harjeet Bhatti

Jul 12, 2018 10:04 AM
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Thank you for the mentions everyone!  I mean you Fred Griffin and Barbara Todaro !!

There ARE a lot of options for post-bankruptcy, however the FICO and LTV combination are going to prove to be a problem.  Ch7 VS 13 is also problem.

 

Larger down payment (20-25%) would open up some doors, but at that price range it's a huge $$ amount between 5% and 25% down so doubtful they can do it.

 

Also, Ch13 is viewed a little differently as there's still a payment history to consider to the trustee, so with some programs "time served" in the repayment period of a Ch13 can help a borrower qualify.

 

Unfortunately though, I don't know of any options that could help the exact scenario you're looking at.

 

 

Jul 12, 2018 01:24 PM
Rainmaker
598,065
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

TJ's got his guy Jason too! I can't tag on my phone. But six months after a BK? Chapter 13? 95% LTV sounds light too, for someone with that fresh BK. I'm going to watch this thread.

Jul 12, 2018 10:26 AM
Rainer
195,180
Caroline Gerardo
Eagle Home Mortgage, LENNAR HOMES Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady

Can do the day after the BK discharged Can't do as VA now, they can wait the 24 months after discharge and refinance into a VA Real Estate Virtual Assistant & Agent  Owner-occupied single family they have to qualify with IRS taxes for the higher rate. The score is acceptable if that is the middle lowest score. Backing into your answer- property taxes $625+ fire hazard $100 + pandi $4132 - can't fit a HOA fee in there bottom ratio is 36% and 36/43 is max for this program. I assume they have no bills as the BK wiped them out - would need to see taxes and the full litany of paperwork

Jul 12, 2018 01:34 PM
Rainmaker
1,420,817
Yolanda Cordova-Gilbert
Richmond, TX

I would not waste my time, and if you want to run it by someone I think the resources here in the rain have already been mentioned!

Jul 12, 2018 01:20 PM
Rainmaker
4,465,538
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi , John Meussner and Khash Saghafi ....

 

Jul 12, 2018 01:04 PM
Rainmaker
1,423,461
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Why would you waste your time? Fresh BK's can be for medical only. I'd start looking for better buyers.

Jul 12, 2018 11:39 AM
Rainmaker
2,582,702
Richard Weeks
Dallas, TX
REALTOR®, Broker

Do what Fred Griffin suggested.

Jul 12, 2018 11:32 AM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
Realty National - Carlsbad, CA
Presence, Persistence & Perseverance

Reads like you may need a hard money lender

Jul 12, 2018 11:08 AM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Calling Brotha Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi & Khash Saghafi

Jul 12, 2018 05:08 PM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Waiting for some input from those mentioned in the post of Fred Griffin to learn more!

Jul 12, 2018 12:09 PM
Rainmaker
3,910,538
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Fred Griffin has picked great resources for you.  A

Jul 12, 2018 10:23 AM
Rainmaker
1,167,307
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Like John above, i don't believe there are many good options for this person. There's just not enough info provided here to make a definitive call, but some possibilities may exist depending on the Chapter filing. There are some lenders, myself not included, that will do a loan out of bankruptcy less than a year in a non-QM Loan at a higher rate, with higher down payment. This doesn't sound like a possibility for this person and I have no suggestions as to who might be of assistance. Best of luck though ...
Gene

Jul 12, 2018 07:09 PM
Rainmaker
2,649,358
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

You have some good answers here.  I'd be calling my lending partner. 

Jul 12, 2018 01:56 PM
Rainmaker
899,846
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

No one I know would touch it nor would I lead the "client" in that direction. I'm not a lender although those numbers don't pass my scrutiny either.

Jul 12, 2018 01:29 PM
Rainmaker
116,464
Khash Saghafi
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland Ohio

Is it a Chapter 7 or Chapter 13??

Jul 12, 2018 05:11 PM
Rainmaker
388,873
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Above my pay-grade ... watching and listening!

Jul 12, 2018 12:48 PM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I am not a lender.

Jul 12, 2018 10:19 AM
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It looks a little grim but nothing that a little time and more savings won't retify.

Jul 12, 2018 06:49 PM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You have many great answers here.

Jul 12, 2018 06:49 PM
Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Real Estate Virtual Assistant & Agent many great responses.

Jul 12, 2018 04:46 PM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Sounds like you already have the local lender experts on the case!

Jul 12, 2018 04:27 PM
Rainmaker
851,318
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Jason E. Gordon 

Jul 12, 2018 03:28 PM
Rainmaker
2,580,163
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

What Fred Griffin said. Sounds a bit like a stretch to me at that income.

Jul 12, 2018 02:15 PM
Rainmaker
4,802,857
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Connect this prospect with your trusted local mortgage loan officer.

Jul 12, 2018 12:52 PM
Rainmaker
504,924
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

True

Jul 12, 2018 09:59 AM
Rainmaker
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Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality

Not a lender but it seems like that might be quite tough, the combo of a bankruptcy, pretty low credit score and only 5% down. You may need to bite the bullit and look at hard money lenders or find a source for more down and or get those credit scores up. The only other thing I can think of that might help is a very well qualified cosigner. Good luck Real Estate Virtual Assistant & Agent 

Jul 17, 2018 07:29 PM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Some years back yes, but now much harder to find a lender willing

Jul 13, 2018 07:00 PM
Rainmaker
563,756
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Good, educational answers from the loan professionals. Thanks.

Jul 13, 2018 12:40 PM
Rainmaker
420,050
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

It will require more of a downpayment, like 20%.

Jul 13, 2018 09:38 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good luck finding one.

Jul 13, 2018 05:44 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Sounds unlikely

Jul 13, 2018 05:36 AM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Real Estate Virtual Assistant & Agent - I am sure someone will be there to help.

Good luck.

Jul 12, 2018 10:17 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

We have some good loan people here who are sure to know this.

Jul 12, 2018 09:14 PM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No idea

Jul 12, 2018 04:06 PM