+2 votes
asked in Mortgage by
I am interest in buying a $975,000 home in Lakeshore Estates Subdivision in South Barrington Illinois.  I am self employed borrower with 670 credit scores . All of the lenders I spoke with tell me I don't qualify because I need 700 credit scores but more importantly that I need to wait 7 years after my previous Chapter 13 Bankruptcy discharged date . Is there any lenders out there that can help me or am I out of luck? I have over $200,000 that I can put down.

Terry Poulos

2 Answers

0 votes
answered by (120 points)
Hi Terry,

I can help.  USA Mortgage has no overlays.  For Chapter 13 bankruptcy only requirement is 12 months on time payments after filing.  If you have been discharged you are good to go.  Chapter 7 bankruptcies have other guidelines and can have up to a 7 year waiting period but we have programs with reduced seasoning requirement.

Please contact me 813-352-7523 Maria Windham.  I am licensed in IL and happy to help.
0 votes
answered by anonymous (180 points)
Terry,

For jumbo loans typically you do need to wait 7 years after any bankruptcy, Chapter 7 or 13. I have a few loan programs you would fit in to. You would qualify for 10% down jumbo financing. Please check out the following link: https://gustancho.com/jumbo-loans-with-low-down-payment

I am the jumbo expert and would love to help you buy your new home. You can reach me on 630-659-7644 or mgracz@usa-mortgage.com
commented by
What is the interest rate? Is it hard money like 15% . I have 20% or more down payment but don't want to spend all of it as down payment.  I just purchase a used car at Motor Werks of Barrington and put $50,000 down payment and financed $30,000 so it could help raise my credit. MF went down instead of up.
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