Need financing after a year of BK

Financing, Hard Money Lenders, Private Money
1

We filed for chapter 7 a year ago to protect our assets. Although we have a decent income, we can’t get financed to buy a cheaper house. Last year our combined gross was 150s. The year before that was pretty much the same.

Now, we found a cheaper place to live in, as of now, we’re paying $2100 for our mortgage. Actually, we found 2 houses that we like, one 50k the other 100k. I’d like to get financing for either one. I know with Chapter 7, we can’t get an FHA loan for the next 2 years. But my mother has a newer credit, 615 FICO, I believe. Also, I own a small biz that I’ve been filing taxes for about 2-3 years now. Our personal credit is 620 for myself, and 640 for my wife. Also, we live in IL and properties are in IL.

Is there anyway to go about this situation?

Thanks!

2

You can try a local state bank and present your case to them or work on your mom’s credit a bit and have her buy it for you. Unfortunately conventional guidelines are stricter than FHA so you will have to get creative if you really want one of those houses.

3

Yea, we’re actually trying to get a pre-approval for my mother. Don’t know if subprime is still available? Or hard money worth it?