Underwriting

[M Boyle]

What is the name of your state (only U.S. law)? Ca

Hi
I was wondering if you had any insight on underwriters ? We put in a app for a $245,000 home in CA. Our CSs are 560/540 we are both on disability, and our totally mthly income Is $7000( although met life is a huge chunk of the $7000, and we will only be getting that for 15 more yrs) we have a new car loan, (through capital one) we filed bankruptcy in 2010, foreclosed on a home in 2007 and have been renting ever since. We owe for 2009 taxes$7000( we filed for a audit reconsideration.) And my husband has $10,000 in medical bills on his CR.
we are trying to do a VA , FHA or the other mortgage for rural area home buyers. What do you think our chances may be ? What will the underwriter be looking for? Thank you for your time.

 

[sandyclaus]

What is the name of your state (only U.S. law)? Ca

Hi
I was wondering if you had any insight on underwriters ? We put in a app for a $245,000 home in CA. Our CSs are 560/540 we are both on disability, and our totally mthly income Is $7000( although met life is a huge chunk of the $7000, and we will only be getting that for 15 more yrs) we have a new car loan, (through capital one) we filed bankruptcy in 2010, foreclosed on a home in 2007 and have been renting ever since. We owe for 2009 taxes$7000( we filed for a audit reconsideration.) And my husband has $10,000 in medical bills on his CR.
we are trying to do a VA , FHA or the other mortgage for rural area home buyers. What do you think our chances may be ? What will the underwriter be looking for? Thank you for your time.

That's NOT a legal question.

I can already see that your credit scores are incredibly low, your income is limited (and a major portion of it will only be there for the next 15 years). You have a very recent bankruptcy that won't be off your credit report for another 4 years, you have an outstanding tax liability of a sizeable amount, plus a good chunk of unpaid medical bills.

Logically speaking, I don't think your chances are very good.

 

[Antigone*]

What is the name of your state (only U.S. law)? Ca

Hi
I was wondering if you had any insight on underwriters ? We put in a app for a $245,000 home in CA. Our CSs are 560/540 we are both on disability, and our totally mthly income Is $7000( although met life is a huge chunk of the $7000, and we will only be getting that for 15 more yrs) we have a new car loan, (through capital one) we filed bankruptcy in 2010, foreclosed on a home in 2007 and have been renting ever since. We owe for 2009 taxes$7000( we filed for a audit reconsideration.) And my husband has $10,000 in medical bills on his CR.
we are trying to do a VA , FHA or the other mortgage for rural area home buyers. What do you think our chances may be ? What will the underwriter be looking for? Thank you for your time.

Not a chance in haedes. You are terrible risks, I wouldn't lend you a penny.

 

[HUD-1]

Perhaps you should rent for a while longer, pay off the tax lien, pay off the medical bill, save up for a downpayment and and get your credit score up into the 620 plus range. It takes a while to recover from bankruptcy...

 

[TigerD]

What is the name of your state (only U.S. law)? Ca

Hi
I was wondering if you had any insight on underwriters ? We put in a app for a $245,000 home in CA. Our CSs are 560/540 we are both on disability, and our totally mthly income Is $7000( although met life is a huge chunk of the $7000, and we will only be getting that for 15 more yrs) we have a new car loan, (through capital one) we filed bankruptcy in 2010, foreclosed on a home in 2007 and have been renting ever since. We owe for 2009 taxes$7000( we filed for a audit reconsideration.) And my husband has $10,000 in medical bills on his CR.
we are trying to do a VA , FHA or the other mortgage for rural area home buyers. What do you think our chances may be ? What will the underwriter be looking for? Thank you for your time.

Contrary to other posters, I think there is a chance of your getting financed. Forget about FHA or any conventional financing -- that isn't happening until your credit score improves. With a VA loan you would not be excluded solely because of the bankruptcy - if you showed a changed pattern of financial responsibility afterwards. But given the facts presented, a VA loan is also unlikely.

That leaves private funds. You may be able to convince an owner finance or a hard money lender to loan you money. No chance getting a term longer than your $7k per month income.

My advice, for what it is worth, is:
Read Dave Ramsey. Your situation is about perfect for his advice.
You need to reduce your standard of living for a while and pay your bills.

DC