Posted by Jim FL on January 04, 2003 at 18:54:47:
Dan,
I’m currently working with a T/B’er who BK was discharged 18 months ago, has good income, no negative credit since the BK, and has paid early each month to me for 13 months.
When they first applied, they were told “no”.
However, since then, we have found a mortgage broker who has a program that will fund them. (knock on wood, I won’t count on it til closed)
The T/B’ers are getting a 75% LTV loan, I’m carrying 10%, and they are placing another 5% down, on top of the 10% they have in already, from rent credits and option money paid.
Not a great deal of cash for me, but some cash flow, and a closed deal.
Besides, I’m in the house for about 60% anyway.
Try calling some local mortgage brokers and see what they can do.
Find some who will either look at a credit report the T/B’ers already have pulled elsewhere, or will not charge them an application fee.
I actually now have four regular mortgage brokers that I send clients too, depending on certain factors.
If you sit down and meet with some mortgage brokers and learn what they are capable of, you will have added a tremendously valuable person to your team.
Good luck,
Jim FL