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How Long Do I Have to Wait to Buy A Home

How Long Do I Have to Wait to Buy A Home After Bankruptcy-Short Sale-Foreclosure?

 

How long will it take before I am able to buy another home after a Bankruptcy or foreclosure-short sale? Chapter 7 or 13.

Homebuyers can purchase a home two years after they receive a bankruptcy discharge. Qualifying as early as one year after filing Chapter 13, or one year after discharge in Chapter 7.There is a large proportion of home loans being purchased on FHA or VA loan guarantees.

The FHA will insure mortgages to individuals who have filed Chapter 7 liquidation bankruptcy two years after the discharge if “the borrower has re-established good credit or has chosen not to incur new credit obligations and has demonstrated an ability to manage financial affairs.”

Good credit scores buyers have many options for obtaining a loan. FHA, Conventional, Rural area, VA The homebuyer must have Veteran status eligibility. Contract for deed financing is a good option while the buyer waits to be preapproved with a mortgage company-bank-credited union ECT. The financing terms are a lot easier to deal with. No Qualifying mortgages-credit not an issue-No Mortgage insurance.

Most banks today are only willing to finance FHA loans with credit scores of 640 and above. The FHA however will allow loans with credit scores as low as 540 with 20% down. Also, the FHA will require that you put down a minimum of 3.5%.

FHA now requires Mortgage insurance for the life of the loan. If you can buy a home with 20% down conventional that is the best way to go.

Conventional loans are typically for borrowers with money to put down (10-20%) and good credit scores. Most lenders in today’s market require a middle credit score of 660 or better to qualify for a conventional loan. To get your best deal you will need a credit score of at least 720. Since conventional loans are approved through underwriting engines created by Freddie Mac and Fannie Mae, the higher your credit scores are the better terms (rate) you will get. Conventional loans currently require a minimum of 5% down.

Use Secured Credit Cards and Installment Loans

The fastest way to start Rebuilding your credit after a bankruptcy is to prove to creditors and other lenders that you can be trusted to pay back the money you owe them.

You can do this two ways: secured credit cards and installment loans.

A secured credit card gives you credit limited to the amount you have on deposit with the issuing bank. So, if you have $20 to $500 to place in an account with the issuing bank, then the bank will limit your credit each month to the amount of that deposit.

An installment loan is simply one where you make installment payments each month. It can be a personal loan, car loan or student loan. If you get an installment loan, then you only need to do one thing: make your monthly payments on time.

 

      Use only a small portion of your credit. Don’t max out your credit cards and don’t apply for too much credit at one time.

You do not want a lot of hard credit pulls on your credit report.

 

      Pay all your bills on time and save money.

      Stay at the same job for a good length of time.

            Remove any outstanding tax liens.

 

Now getting the Mortgage

 

A good debt-to-income ratio, stability and time on the job. Money in the bank and no bounced checks help a lot.

Having retirement plans (IRA or 401(k) assets make your credit look good as well.

A large down payment will help you out a lot.

Contract for deed homes can close very quickly. Call Steve Vennemann

BoardWalk Premier Realty INC

651-334-8312

 

If you’ve had some credit iisues above it will take some time before you can mortgage. There also may be exceptions to these rules/guidelines, and you should check with your mortgage Broker- Credit Union.

 Owning a home is still a great investment. If you are looking to buy a MN home we can still help you regardless of your past credit issues? 

Are you Self Employed?

Bankruptcy-Short sale-Foreclosure-New job-Relocating Debt to income ratio problems?

Above chart gives you the time frame you plan around when you can refinance the contract for deed. Sellers will usually finance the home for 3-5 years on average. That usually is enough time for the buyer to work on his or her credit. Most of the time it is just waiting game to pass to get a FHA loan. With low mortgage rates Refinancing the cd quickly is in both the buyer and sellers best interest do so and take advantage of todays low interest rates. They will be low for years to come.

DONT WORRY WE CAN GET YOU A CONTRACT FOR DEED HOME IN MN or WISCONSIN.

http://www.mnownerfinancedhomes.com/contract-for-deed-listings/

Do you want to pay for rent  or on a land contract?  With the Home prices and interest rates being as low as they are you will want to buy a home. Why rent to own or lease when you can own a home. Tax Bennefits-You can paint a home-have pets-It is your house you can do almost anything with in reason til you refinance the contract.

There alot of  different loan programs out there, rule of thumb is you need at least a 620 FICO score to qualify for a mortgage loan in the twin cities metro area.  There are not many programs available to people with credit scores between 580 and 619, Documentation will be required from the borrower  why your credit score is so low.

When the housing market was hot  many people used FHA or VA loans as 100% conventional loans were widely available. Now with the credit crisis and the bust, people are using FHA and VA loans more frequently.  

http://www.minnesotahomescontractfordeed.com

We work with contract for deed home daily. 

We want to inform you on all types of financing that may help you buy or sell your property.

Our company has access to 100s of contract for deed properties in all counties in Minnesota and Wisconsin. Dont let your credit keep you down we can help you just as we helped lots of other people purchase a MN homes with owner financing. Mn sellers are willing to offer cd terms on virtually all types of properties.

If you are searching for a condo-town homes-single family real estate-hobby farms-MN lake homes for sale-cabins-waterfront properties-New construction are just a few of the types of properties we can help you buy. We check into all the cd terms before we show you the properties to make sure they were for you. It is important to have some who is experieneced in land contracts looking out for your best interest. We know MN real Estate contracts.

We have been in business sense 1996 and have contract for deed programs that will work for you. The biggest thing sellers want is 10% down of the sale price. Some sellers may want more but rule of thumb 10% down and we will find you a MN owner financed home. 

http://www.mnhomescontractfordeed.com

We can search homes for you by school district-counties- cities like saint paul and Minneapolis.

Let us know what type of property you are seeking and price range-location-how soon you want to move and we will do the rest.

Steve Vennemann

BoardWalk Premier Realty INC

Broker

651-334-8312

Remmeber you can BUY MN contract for deed home today.  

Email us or go directly to the cd properties by clicking on the above links. You will find lots of articles on land contracts and rent to own-lease options. Email us from any seller financed listing and we will start to process to get you a home.

Not much for quailing for a owner financed home.

If you have the money to put down a source where you have money coming from to make the contract payment you should be good to go.