OfflineI posted sometime back regarding my husband, age 75 and myself, age 63 wanting to get out of our split foyer home because of the stairs. Main living is on second floor, and although we can manage going up and down the stairs, (we are both in great health), it is the NUMBER of times you go up and down in the course of a day that is the problem. We put our house on the market, and found a buyer for the full asking price. They made us an offer and we found a great short sale home that we wanted to purchase, but we are unable to get a loan because of a Chapter 7 bankruptcy. We were told that we could get an HSDA loan, but the banker has told us we have no options. One bank we visited said that they were looking at the people and not the bankruptcy and would loan us 90%, and we would have to put the other 10% down. We don't have the money for that right now, but could afford the payments on the home. It would be ideal for us, and we are brokenhearted that it did not work out. We had to tell the folks that wanted our home that we could not sell. This just all happened in the past few days. Any thoughts or advice about what we might do? Two years is too long to get out of this place! The people that wanted the house might still be inclined to do so, if we could find a way out of this mess. Thanks for any input you could give us.
Anyone have an answer to this problem?
Posted on: Sat, 10/15/2011 - 23:10
Have you tried a USDA loan. I believe they still fund up to 103% of the purchase price. There are geographic restrictions though. Best to check with a broker...Jan
After selling your home you will not have enough money for a 10% down payment? I am just trying to find out how short you are on the down payment. I hope you can get the house you want.
Steve
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How long has it been since you filed for your bankruptcy? If it has been charged off for three years, you can get an FHA loan. It is only 3.5% down. I would also recommend talking to a mortgage broker. They have more options than a bank. For example, a family member went to see about getting approved to buy a home and the bank told them they had to put 10-20% down and have a years worth of payments in reserve. I had them talk to my mortgage broker and not only did they get them approved they were approved for more than $100,000 more than the bank would loan them. And that is with FHA guidlines. They are also using a state funded first time home buyers down payment assistance program. So they are getting 100% financing. The credit needs to be 660 instead of 620, which FHA requires, but they are quite pleased as they are now building their dream home.
You won't be able to do the first time home buyers thing, but you could possibly do the FHA with 3.5% down.
If these are not possible for you, try a lease option or seller financing. And work with the mortgage person to get your credit score where it needs to be to complete the purchase if you do the lease option or refi if you do seller financing.
My mortgage broker will stay in close contact with the buyers I send to him to make sure they are doing what is necessary to qualify for a mortgage ASAP. As soon as the buyer is qualified he lets them know and we move to get them into a home.
Good luck to you.