I am looking for a very knowledgeable lender who can answer some questions.
I am looking into purchasing a property however, I currently only have fair credit as a couple of years ago I had to file for bankruptcy and about a little more than a year ago I had to go through a foreclosure on a FHA loan property. With this being the case, I would like to know if I might even be approved for a loan at this time, what type of down payment would be required, as well as what programs I may qualify for. In the event that I won't be able to qualify, my father and I, (he has wonderful credit by the way...a lenders dream) have been discussing the possibility of him taking out a loan and I would "rent" from him until such time that I could assume the loan. In his case, we know he will qualify for a loan; however, we would like to know what type of down payment would he be required to put down, and should he decide to go through the pre-qualification process, how long would his pre-approval letter stay valid? by dseyko_742_866 from Marietta, Georgia. May 18th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
BK guidelines are 2 years from the discharge date for FHA, and Foreclosure is 3 years from the date the deed was transferred out of your name. This is important.. if you vacated your property because the lender sent you a notice they were going to foreclose, but they didn't actually foreclose for a year later, then the clock starts when they actually foreclosed and the property was taken out of your name. As far as you father purchasing a home, he can however he will have to purchase it as an "Investor". he has to go conventional, and would need 20% down payment minimum, but 25% down payment is ideal. There are HomePath homes out there that qualify for 10% down for investors, however the rate a bit higher, but the benefit is that there is no mortgage insurance on HomePath homes. Keep in mind that HomePath financing is only available on HomePath homes. Most pre qual letters are good for 45 to 60 days, however they can easily be updated and extended... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
email me at yourloanpartnerforlife@live.com
J.D. Peck (TheJDPeckLendingTeam)
#44 ranked lender in Colorado - 82 contributions
3 years from the date of sheriff/public trustee sale on the foreclosure is when you will be able to qualify. You can contact your local county assessor to determine the exact date of sale.
J D (jjfsmithloans)
#607 ranked lender in California - 27 contributions
Contact us now for your financial solution; We are the right lenders capable of funding your account within 24 hours.mayfundsinc@live.com
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