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jeffpolo
77 Posts |
 Posted - 07/02/2009 : 11:39:24 AM
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| Does anyone know of a lender that will allow a 100% purchase (FHA, VA or ?)with a 650 mid 18 months after a bk and foreclosure. I am being told by many that it has to be at least 2 years and they are at 18 months out of BK and Foreclosure. Thanks |
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davidfr
2245 Posts |
Posted - 07/02/2009 : 11:43:03 AM
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| No lenders will do that. |
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jchvw9
76 Posts |
Posted - 07/02/2009 : 12:43:26 PM
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| Jeff, The VA states that on a BK or foreclosure you must be at least 24 months out from RELEASE DATE. Not from filing date, but actually from the date of release. The other exception to that is a Ch 13 in which case the borrower will have to show at least 12 months of on time payments toward their bk. The lenders I am working with are not always as lenient. You may have to show at least 3 open and active trade lines and then it still has to go through as a manual underwrite. |
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Steven Bote
14 Posts |
Posted - 07/02/2009 : 1:53:23 PM
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| You'll need a tear-jerker of an LOX for the BK and NOD, but try Franklin American Mortgage Corp. |
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Mgreenstein
95 Posts |
Posted - 07/08/2009 : 3:14:48 PM
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| I can do it 18 months out of BK. The issue is the foreclosure. Were they actually foreclosed on or was the property sold before the foreclosure? Full income full assets min. 550 fico 97% financing available. |
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Chasity
30 Posts |
Posted - 07/08/2009 : 3:19:46 PM
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quote:
Originally posted by Mgreenstein
I can do it 18 months out of BK. The issue is the foreclosure. Were they actually foreclosed on or was the property sold before the foreclosure? Full income full assets min. 550 fico 97% financing available.
What bank is that? |
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Chasity
30 Posts |
Posted - 07/08/2009 : 3:28:52 PM
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100% purchase?
who is giving 100% financing. |
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jvanpetten
3928 Posts |
Posted - 07/08/2009 : 3:31:49 PM
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| USDA will do it, 100%. |
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