How do I get a mortgage with an open bankruptcy? Renting is not an option, I need help!?

I just relocated (for work) to an area that is having an incredible housing boom, there are more people than houses available. As soon as something within my price range goes on the market it is sold...for the asking price and sometimes more! My biggest problem at this point is my bankruptcy isnt finalized yet, and no one will give me a mortgage, it will be finalized as of July 15th, I need to move into a house by July 1st...hence my dilemma.


I appreciate any and all feedback on this issue...Thank you!How do I get a mortgage with an open bankruptcy? Renting is not an option, I need help!?
You can't. I am also at the end of mine. We filed a chapter 13 and we are almost done with it. We have good credit scores now but noone will touch us until we have that discharge notice. We have spoken with about 10 mortgage brokers and the answer is always the same. The reason is that the mortgage co.'s are scared that you will decide to add the loan to the bankruptcy and they would lose their money. Can you rent until July 15th? Maybe you can find a place to give you a month to month lease. As soon as you have your discharge notice you can do it.How do I get a mortgage with an open bankruptcy? Renting is not an option, I need help!?
Need to move in by ';July 1';?


';Incredible housing boom'; ?





You need to slow down, take a breath and re-evaluate how you got into bankruptcy in the first place.





Yes, there may be some incredible deals on homes in your area. Yes, your discharge is just around the corner.





But Stop and Think. If you haven't even gotten through this bankruptcy and you're ready to go into big debt already, are you really ready financially??





Those great deals won't mysteriously disappear after August 1st. Slow down and do the right thing for your future.
You CAN get a mortgage now, but it will require a higher down payment and the rates will be higher than normal.





Instead of a normal mortgage lending institution (bank), you will need to find someone in the ';Private Lender'; section aka: ';Hard Money';. They will require 25-30% as a down payment and they will charge 3-5 points.





Yes that seem extremely high, but it is all that is available at this time in your life. However if the housing market is as good as you claim, don't look at the cost to get in, look at the profit you can make in the long term.





After 1-2 years re-establishing your credit, you can refinance to a better loan program and life will be good again!





Best of luck,





Greg
you are not gonna be able to buy a house any sooner , you have to establish credit after a bankcrupcy for abt 24 months, no lates , why dont you just buy it on your wifes name , that is the best option you have
It is unlikely you will be approved for a mortgage, and if you do find one, the interest rate will be very high. Even though your discharges will be off 7/15, the vast majority of lenders will want 18 - 24 months of seasoning before they will approve a new mortgage.





Do you have a very close friend or family member that will ';buy'; the house? You would want a rock solid contract in place outlining the terms.
Call some older listings and look for someone that will lease their home to you with an option to buy. Many times the seller will not run a credit report on you...especially if you have a sizable down payment.





Call a realtor and ask for a list of old and expired MLS listings. These people will be motivated to sell at a discount and perhaps you can get the house at a good enough deal...say 70-80% of value that a bank will lend you the money as thier loan is secured by piece of property that is worth well over the loan amount.