Tag Archives: home buying

Buying A Home After Bankruptcy

Buying A Home After Bankruptcy

If you have ever experienced having to go through bankruptcy then you know just how devastating it can be.  One thing that you may be wondering is if you will still be able to attain a home loan.  Also, not to mention the thought of  buying a home after bankruptcy can still be a possibility.

Bankruptcy can make your home mortgage loan approval extremely difficult, but we at Greater Mortgage Solutions can still make it possible to get you approved for a new home loan.  Not to mention bad credit does not last forever and there are loans for bad credit being accepted all the time. These type of lenders are known as Subprime lenders and they are focused on helping individuals with bad credit in attaining the home of their dreams after bankruptcy. Do keep in mind that time does have to pass after bankruptcy typically at least 1-2 years after re-establishing some credit.

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There are an increasing number of people with poor credit who are searching  for home financing. Here are some extremely good ideas to consider after bankruptcy to expedite your approval for a home loan.

Increase your credit rating. By simply making regular payments on time or on a regular basis, the odds of your credit score rising is high. Once your bankruptcy has ended for some time, usually about 2-3 years, you should have an easier time qualifying for a smaller interest rate for a mortgage loan.

Owning an asset. Renting a home may be a simple way of putting a roof over your head, but you are essentially throwing your monthly payments away each month. Financially it is better to buy a home because over time, the value of your home will increase, thus working your way towards owning an asset. After some time of purchasing your dream house you may be able to consolidate any other debt that your bankruptcy might of not included, you can achieve this by attaining an equity loan.

Things To Consider After Bankruptcy

It can be extremely tempting to purchase an new home, vehicle, or to perform renovations after bankruptcy discharge since you have no debt left. Due to the financial relief that you had, you may probably feel like you can afford a larger house payment. Let me tell you that it is not that easy so I have provided some things to consider before you obligate yourself to a new mortgage payment.

The Pre-payment Penalty.  This penalty lasts about 6 months worth of house payments, and usually lasts anywhere from 2-3 years. Upon signing those mortgage documents you need to make those payments on time, on a timely basis.  Making those payments on a timely basis is crucial to prevent you from losing the house. So we suggest to have extra funds available for incidentals that you may need in the future

The Two Year Mark. After 2-3 years from the date of the bankruptcy discharge, mortgage loans will be much easier to attain. With a small down payment, you might even be able to get a mortgage loan without a pre-payment penalty. If you are close to the 2 year mark we advice to wait it and have more mortgage loan options.

Borrowing Too Much. Don’t spend more than you can afford. This mistake tends to be the most common that we usually get into. When deciding to buy a house, purchase one that you know you can afford. Avoid maxing out your credit or living on the edge of your income.

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Knowing The Home That Is Right For You

Planning to buy a property needs a question of what really suits to your lifestyle since there are different types of home. Definitely, a good neighborhood and comfortable home is what you want. In addition, the significance of location has a great role in your buying process and purchasing houses in east cobb ga is a good idea. So, the type of home that is right for you is what is in your mind right now. This article will help you decide wisely since this will discuss about various homes which will give you about its different features.

Single Family Houses

This home is very ideal to those who have a family. If you want to have a privacy that you don’t want to hear unnecessary noise with your neighbor, this can be a good purchase. Since you are the master of your own place, you have the freedom to do whatever you want. Because you have the full responsibilities, you are also reliable for paying fees such as upkeep, taxes, maintenance, etc.

Townhomes

This type of home is like a single family house but it’s attached to other houses that are only walls apart. This is available everywhere especially if you look into homes in east cobb ga. What you have is homeowner’s association and sharing amenities with other neighbors. You will not worry about snow removal, lawn care, garbage disposal, etc. Your HOA is paying for such maintenance. However, HOA collects such fees every month to enjoy your benefits.

What About Condominiums?

Condos are also like townhomes. One of the common differences is that in condo, the house is stacked with each other.This means that there can be neighbors upstairs and downstairs.

What About Luxury House?

This property offers style of comfort which only few can afford. Mini gym or theater are some of the different features in this type of home.

Foreclosure Properties

This type of property was taken back by the lender or bank  due to the reason that the owner cannot afford to pay his mortgage payments. If you want a bargain buying, this can be an ideal home for you. Though its affordable, you still have to undergo series of process before you can fully acquire the home. Since the owner has abandoned the property without due care, this can be lack of maintenance.

These are only common types of properties that are available when looking for homes for sale in east cobb ga. Make sure to determine the type of home that is right for you. 

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When Can I Buy A Home After A Short Sale, Foreclosure or a Bankruptcy?

The other day I had someone comment to me that no one really wants to buy a home and no one is really buying, that is not true, they are more like trying to buy but qualifying in today’s world is not the same as it once was.  The latest studies show that 29% of all Americans have credit scores of 580 or below, and in the Santa Maria real estate market that is no exception. The FICO score is one of the first things lenders look at in determining a borrowers qualification for getting a mortgage loan.  Most of my appointments lately have been those that have sufficient income to qualify to purchase a majority of the Santa Maria homes for sale especially with the today’s current interest and with the values that homes are currently at.   The reality is that for the majority of those in Santa Maria or around the surrounding areas the rent of the home that most are living in can be purchased and paying a lower mortgage payment than what they are currently pay for rent.  But the problem is that most of them seem to have low credit scores due to past events.  I have a good majority of my appointments now consist of those that lost their homes 2-3 years ago or those that have had to file bankruptcy for whatever reason 2-3 years ago or more.  But with today’s lending environment banks are not willing to lend money to people with a past history that is still affecting their scores.  In some cases, it is possible for people with bad credit to qualify for a home loan, but it is difficult and the rate is higher. Essentially, this means that nearly one in every three Americans do not have enough good credit to purchase real estate.

But…..

If you did lose your home lets say 3 years ago you do qualify for an FHA loan from the date of sale on your home when you lost it and the biggest factor that may be holding you back is your credit.  People seem to forget to check up on their and verify what is being reported.  It may be accurate it may not be the reality is YOU need to know and you do get a free credit report once a year so why not see whats on there and you can even dispute it if it should of been removed because you have already taken care of that particular account.  To see what is being reported on your credit report you can go to www.AnnualCreditReport.com, just a heads up you will need to have some old account numbers handy to verify that you are you .. also keep in mind this is only to see what accounts are on your credit report they will not disclose credit scores those you have to pay for separately for each credit bureau.

Those that lost their homes due to a foreclosure and even those that did a short sale on their homes 3 years ago are not eligible for an FHA loan so that means

3 years ago you lost your home now you can probably buy that same home in that same neighborhood for less than half what you probably owed on it when you lost it.

Although I know for many at the time of losing the home it was pretty dramatic whether you did a foreclosure or a short sale it really doesn’t matter both events are probably something you never thought you would do or that would ever happen to you.  But you were not alone in this and millions of other home owners had to experience the same feelings of failure and disappointment.  But at the same time I am getting some really happy people when they are qualified and buying a home in the area for less than sometimes even as much as 70% of what they owed on their home.  So sometimes one door closes and another door opens, it just takes awhile.

As for Bankruptcy same thing all you need is 3 years so if you were in the position that you felt you had to file for bankruptcy and 3 years have passed you can buy a home as well.   Now if you lost a home 3 years ago and you filed BK 2 years ago you need to wait till the 3yrs. have passed on the BK and its not from the date you filed but from the date it was discharged basically when you were done and over with it .  Which if you filed a chapter 13 might be a little longer of a process but if you filed a chapter 7 could be much sooner.  But you still have to re-establish your credit.  I once had two brothers that filed BK on the same day due to a failed business they had together one brother I had 700 plus fico scores and the other I could not touch.  The difference was that one brother was diligent about re-establishing his credit and building it back up.  I had clients this year that had filed BK and swore to never use credit again which is fine unless you ever want to borrow money.  So when I ran their credit, they had nothing no scores nothing … they had not debt also which is great and lived by the attitude if we have no cash to buy we do not buy it but I could do nothing with them.

Needless to say that for most people what is stopping them is credit not necessarily their income, from buying a home.   Simple solution is just check your credit and address any issues you see there, and if you see something that should be fixed dispute it.  IT IS FREE TO CHECK YOUR CREDIT YOU CAN ONCE A YEAR WWW.ANNUALCREDITREPORT.COM.

For A FREE List Of Foreclosures & Pre Foreclosures On The Central Coast Click HERE

If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of so I California not just on the Central Coast, so I can do California home loans, and first time home buyer loans, as well as refinance home loans and just plain simple mortgage loans. So please contact me by sending me an email at: GenePerez@GMSLoans.net

I do also service all the nearby communities and other markets such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.

my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better

information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588

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Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.

Gene Perez is Licensed Real Estate Broker for Valley Hills Realty and a mortgage broker for Greater Mortgage Solutions.

This blog and its content is copyright of Gene Perez 2010. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following: you may print or download to a local hard disk extracts for your personal and non-commercial use only. You may copy the content to individual third parties for their personal use, but only if you acknowledge Gene Perez as the source of the material You may not, except with our express written permission, distribute or commercially exploit the content. Nor may you transmit it or store it in any other website or other form of electronic retrieval system without obtaining Gene Perez’s

 

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Buying A Home For The First Time

When its your first time buying a home there are a few things to consider, many times when first time home buyers are considering buying one of the many Santa Maria homes for sale the first thing buyers always consider is the price of homes, and the interest rate of the new mortgage home loan that they will have to get in order to buy the home, and even sometiems how the house “feels”.  But the thing is that there are also a lot of things that won’t come up until after buyers move into their new home. Here are a few home shopping tips to consider if you want to make sure you enjoy your time in your new home.

The Direction The House Faces. The side of your house that gets shade at different times of day can make your yard more enjoyable. In the Summer, the sun beats down on the West side of houses, making them very hot and uncomfortable. If you like having barbeques and picnics in the back yard, you don’t want to purchase a house that faces East, unless it has plenty of mature shade trees.  This is something you would not even think about at most times and if you have ever given gardening a thought it might be something to consider or where your bedroom window is at when the sun is in full power, lighting up your room but also warming it up.

Depending on where you plan on buying your home in the United States will only give you other things to take into consideration such as areas like Salt Lake Real Estate, that get lots of snow, can reduce their winter yard work by having the sun help with the removal of snow and ice, so the South side facing the driving way can help melt the work. Driveways of southerly facing Bloomington MN, Homes melt very quickly. When snow storms are minor, snow melts during the afternoon and shoveling isn’t even necessary. Now you can have yourself one very nice house but if your home happens to be one of those houses that face the North, will see almost no sun on cold winter days, so half the year you will have  some extra work to do which for some can be a big pain.

Do it Yourself “Projects”. Many first time home buyers buy houses that aren’t in a condition where they can truly be happy, but just need some work here and there. They think that it will be easy to take care of the do it yourself projects, and get the house just the way they want. Shortly after starting a do it your self project, homeowners almost always come to the realization that it will take a lot longer than planned, sometimes they find out its not so easy and may cost more than what they expected. They often find that all their free time is spent on home improvement projects. If you like being a handyman, then fixer uppers are recommended. If you aren’t sure if you will like handyman work, then you may want to stay away from homes that require significant work.  The thing is if you have ever watched the show “Home Improvement” most guys think that they can do it themselves and it all looks easy on TV.  Even those cooking shows with that new what ever makes it all look easy until you get and find out its not the same as it is on TV.  But when you have a home you have that you live make sure you know what you are getting into and whether the work is just cosmetic or you really will have to know what you are doing or pay someone that does.

 

Taking Care of the Yard.

Most first time buyers move from an apartment where others take care of the yard, they have gardeners there adn most thing they cannot wait to have their own yard and some want a huge back yard so they can entertain have room for the kids and lots of yard. Caring for gardens, flower beds, and large yards can take up many hours each week, I have been there and let me tell you cutting grass and weed wacking and then when you have done all that you still have to clean up and don’t forget about the weeds.  If you know you enjoy yard work, and have plenty of free time, then this won’t be an issue. If you bearly have enough time to enjoy life as it is, then you probably don’t want a high maintenance yard.  I know its nice to have a big back yard plenty of privacy room for the kids and if you have  a party just remember either you plan on doing the work or you will be hiring someone to do for you so make sure you can budget that expense in there.

Weeds grow, like weeds, and can be out of control if they are neglected for just a few days. If weeding isn’t something you will make time to regularily do, then stay away from yards with large garden areas. Some things that will minimize yard maintenance include: automatic sprinklers, perrenials, weed tarps, and small garden areas.

Buying your first home is an important experience. It is where you will spend your leisure time. Think about how your life will change if you buy a certain house, before making an offer, for many this is the biggest and most important purchase decision of their life.

For A FREE List Of Foreclosures & Pre Foreclosures On The Central Coast Click HERE

If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of so I California not just on the Central Coast, so I can do California home loans, and first time home buyer loans, as well as refinance home loans and just plain simple mortgage loans. So please contact me by sending me an email at: GenePerez@GMSLoans.net

I do also service all the nearby communities and other markets such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.

my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better

information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588

ben sig

Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.

Gene Perez is Licensed Real Estate Broker for Valley Hills Realty and a mortgage broker for Greater Mortgage Solutions.

This blog and its content is copyright of Gene Perez 2010. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following: you may print or download to a local hard disk extracts for your personal and non-commercial use only. You may copy the content to individual third parties for their personal use, but only if you acknowledge Gene Perez as the source of the material You may not, except with our express written permission, distribute or commercially exploit the content. Nor may you transmit it or store it in any other website or other form of electronic retrieval system without obtaining Gene Perez’s

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