January 19, 2002

Welcome to 0nly4Homebuyers Issue 40.

Happy New Year!

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In this Issue:

Bankruptcy Problems

Need help with a Down Payment?

Credit Secrets 2001
 
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This is an email I recently received.  Since there

Is so much bankruptcy going around, I wanted to

Address this situation.

Dear Cindy,
 My wife and I are very interested in purchasing
a house. We are currently shopping around for a
mortgage. There are a few circumstances that we

need to work around.

One is I went through an Bankruptcy, it was discharged

in July 1998. Two, we need to get into a house with no

money down.

My income for the year is $54,000.00.  I have been
employed with the same company for ten years.
The house we are looking at is for $135,000.
We want to get into this house with only
three percent down or less. The house is being sold by

owner and he will not pay closing costs.
If this is possible please contact us at
---------------------------------------------.

OK, let’s address the bankruptcy.  It was discharged

in July of 1998.  That is 3 ½ years ago.  If this couple have

rebuilt their credit file with good information, there is no

reason they can not get a mortgage loan.  However, the chances

of them getting in with three percent down is not so good with

a conventional loan.  However, they may…and remember I said

may….be able to qualify for an FHA backed loan.  The FHA has

relaxed somewhat in their guidelines, so it is certainly worth a try.

Another option might be to see if the owner would consider a Lease

To Buy option, where they would give him the three percent down

and then lease for a year with option to buy.  At the end of the year,

they could then buy the house, but it would be treated like a refinance.

Caution here, make sure you have the terms of the sale in the lease!

It should state the price of the home and show the down payment, etc.

Remember though, if you default, you will lose your down payment.

As for the income of $54,000, no problem there.  They could qualify

with that amount of income easily for a home that is selling for $135000.

Of course, much depends on debt to income ratios.  So I am assuming

they do not have a lot of debt.

Here is another email dealing with Bankruptcy.

******Dear CMC

I'm interested in apply for a mortgage.  I just filed bankrupcty and got
discharged on Dec. 27, 2001 under a chapter 7.  I wanted to know what are
my chances in getting a mortgage.  How much would I be qualified for, if any.

This situation is not as positive.  The bankruptcy was

just discharged less than a month ago.  His chances of getting

a mortgage are slim to none, unless he has a HUGE amount of

cash for a down payment.  I am talking about 35% at least,

possibly more. 

The best thing to do is wait.  Work hard to rebuild the credit

File with good information.  Establish some accounts with

credit cards, maybe two, even if you have to get a secured

card. Charge a little and keep it paid on time, every time.

Try to establish a good record with the utility companies as

well, believe me, the mortgage companies check with them for

your credit history. 

After a year, with good credit history over the last year,

you are looking at 20% down, after two years of good credit,

you might get away with 15%.  But remember, you are still

going to have a high interest rate.

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Need Help with a Down Payment?

Interesting article on Bankrate.com’s website about

help with down payments. 

Coming up with a down payment has traditionally been

one of the biggest obstacles to buying a house.  But

savvy buyers can take advantage of programs designed

to cure the down payment blues without charging high

interest rates.

You can read the whole story here.

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Please feel free to share this newsletter with your
friends. If you have a suggestion for an article,
please email me directly and tell me what you would
like to see! mailto:cmc@...

If you would like to read more articles about
buying or selling a home, please visit our website
http://www.creativemortgageco.com/

Til next time. Have a great month.
Cindy

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