Houston First Time Home Buyer

Topic: Getting a Mortgage after Bankruptcy

Life happens and maybe you had to make some tough choices that you feel might have halted your dream of buying. Well let’s talk about ways you can get a mortgage after bankruptcy.

If you’ve gone through a bankruptcy or are considering filing for one to get rid of debt you owe, you may be wondering if it impacts your ability to buy a home.

The answer? Yes, it impacts how you’re viewed by lenders because of the significant negative impact it has on your credit score, but that doesn’t mean that you won’t be able to buy a home.

It certainly creates more of a challenge and barrier to qualify, but if you follow the process correctly and exercise patience, you’ll be well on your way to being a homeowner!

Here’s what you need:

1. If you filed for a Chapter 7 and are choosing a…

Conventional loan:
✅ Complete a 2 to 4-year waiting period
✅ Minimum 620 credit score
✅ 3% minimum down payment

FHA loan:
✅ Complete a 1 to 2-year waiting period
✅ Minimum 580 credit score
✅ 3.5% minimum down payment

VA loan:
✅ Complete a 1 to 2-year waiting period
✅ No minimum credit score (though many lenders require a 620 score)
✅ No minimum down payment required

USDA loan:
✅ Complete a 2 to 3-year waiting period
✅ No minimum credit score (though many lenders require a 640 score)
✅ No minimum down payment required

Have questions? DM me and let’s chat!
📱 Call/Text 832-460-6670

What’s the thing that keeps buyers up at night but sellers dream of? Multiple offers and bidding wars, baby. These are super common in our competitive market right now, and if you’re trying to buy a home, you’ll likely deal with a multiple offer situation. Here’s what you can do to come out on top: ✔️ Submit a large earnest money deposit. If you know the home is going to get multiple offers, make your deposit large when you make your offer to show that you’re serious about the property. This money goes back into your down payment if your offer is selected, and if it’s not, you’ll get it all back. ✔️ Show up PRE-APPROVED. When you’re pre-approved, you show that you have the finances to back up your offer and that you won’t waste the seller’s time with an offer you can’t follow through on. ✔️ Be strategic. If you’re at the top of your budget, you can still sweeten your offer. Pay attention to the seller and their wants/needs so you can craft your offer to appeal directly to them. For example, if the sellers haven’t bought a house yet, you can give them time to move. Make sure to save this post so you’re prepared for a multiple offer situation. And if you have any questions, just send us a DM.

Five tips you need to know if you are ready to buy your first home 💵 It isn't glamorous, but part of my job is to help you prepare for the financial steps you'll need to take if you're planning to buy a home this year. Don't forget to save this post for later! 📍 Save for your down payment and yes, closing costs. 📍 Work with a lender to determine how much home you can afford. 📍 Check and, if needed, repair your credit score 📍 Research your mortgage loan options and rates that may be available to you. 📍 Get a pre-approval letter from a qualified mortgage lender before you begin your search. ​Homeowners, what is one thing you wish you had known before you bought your first home?

When looking to buying a home, the journey follows an exciting but often challenging road. If you are wondering how to track down a great agent, here's what you need to know.

A GREAT agent will:

✔️ Listen to you and understand your needs and wants
✔️ Educate you on current market trends, and the home buying/selling process, and answer any and all of your questions along the way
✔️ Communicate regularly with you
✔️ Have your best interests in mind and protect you throughout the process
✔️ Offers guidance but also space you need to make a decision

A good agent will 𝘯𝘦𝘷𝘦𝘳 pressure you into making a decision, and will never make you feel as though you are a bother.

If you'd like an easy and enjoyable buying experience, find a realtor you trust — and whom you may even choose to be friends with.