Is it possible to get any kind of home loan with 50% down within 6 months of ch. 7 bankruptcy?
My husband is getting forced out of the military and receiving a large severance check. We are hoping to buy something in Oregon after he gets out in a few months. We don't want to waste 20k on rent for 2 years when we could invest in a home for our family. I know the FHA and VA require 2 year wait, just wondering if there are other options I'm unaware of. We are looking to spend under 100k on a home. Thank you. by cassan_119_134 from San Clemente, California. Mar 23rd 2013
Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions
You've done your research and know the guidelines. Unfortunately these are very strict so no other options are available. I would recommend finding a seller that will sell on contract or lease-to-own on a 3 year window to refinance into a mortgage at that time. This way you will gain some equity until you can qualify for a mortgage. Search this site for a local mortgage lender to work with on a short-term plan towards ownership and you will be fine!
gary cole (garysloaninc)
#602 ranked lender in California - 5 contributions
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
A rent or lease option would probably be best or owner financing. That being said their are some hard money options that might entertain a deal.
Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions
Look into private mortgages and soft or hard money, Best to have at least 3 years before you need to refi.
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions
Sure. Find a private money lender will do that.
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
Portfolio Lenders Like Emigrant bank can do it. Terms will not be as favorable as FHA,VA, or Conventional Loans. Best OF Luck!
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
you'll have to get a nontraditional mortgage, be careful of the terms. You might want to get legal advice before agreeing to anything
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
I DO HAVE ONE LENDER FOR YOU!! I will need 25% down... 30 yr fixed... call me at 602 330 1598 or yourloanpartnerforlife@live.com and i can refer you to this lender!!! linda
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Sorry, nothing in the regular market... Rent to own, contract for deed, or hard money lenders are your only option for now. www.VA-IRRRL-loan-mn.com
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