Posted by Bryan Hawkes on September 15, 2006 at 15:29:12:
My credit has been spotless since the bankruptcy.
My credit score is approx. 650.
I own a single wide on 1 acre no mortgage.
I was self-employed,I’ve been working for someone for 2 years.
Information about finding financing-bankruptcy. - Posted by Bryan Hawkes
Posted by Bryan Hawkes on September 06, 2006 at 15:20:19:
I am new to real estate investing and am seeking information on obtaining financing to purchase investment properties. Three years ago I filed bankruptcy and have been slowly rebuilding my credit. Any information will be greatly appreciated.
Re: Information about finding financing-BK. - Posted by John Corey
Posted by John Corey on September 08, 2006 at 09:58:48:
After three years the BK might matter a lot less than other factors. If you want real advice you will need to spell out your situation a bit more. Your credit score, your debt level, type of income and some other factors.
John Corey
Re: Information about finding fina - Posted by RJ Baxter
Posted by RJ Baxter on September 08, 2006 at 07:56:24:
We would need to know more details about your situation to know what could be done.
If you credit has been spotless since the bankruptcy, and depending on what your credit score is now and if you have re-established your credit, you can probably finance 90% or more of the sales price of an investment property. If you have had any lates or collections or anything of that nature since the BK, then you are probably limited to “subprime” at least for now, and the max will probably be 90% of the sales price. If you credit score is still really low and you have not re-established your credit you may be limited to only 80% LTV or lower.
Also…
Are you self-employed or do you work for someone, W2?
Do you own your primary residence?
If you don’t own, can you verify your rental pay history through cancelled checks or verification from a property management company for 12 months?
These are just a few of the questions that need to be answered before it can be determined what you can do.
Re: Information about finding financing-BK. - Posted by Bryan Hawkes
Posted by Bryan Hawkes on September 15, 2006 at 15:32:43:
Credit score is approx. 650
My income is approx. $3500 per month salary+commission
I have approx. $9500 in debt.