Complicated Credit History/BK/Foreclosure-Seeking Mortgage-Expert Advice Needed

Complicated Credit History/BK/Foreclosure-Seeking Mortgage-Expert Advice NeededComplicated Credit History/BK/Foreclosure-Seeking Mortgage-Expert Advice Needed
richeventtver asked 5 years ago

Hello Folks, I need expert advice. I’d appreciate opinions either from experience or from mortgage professionsals who have navigated similar issues.


From 2002-2008 I was heavily invested in the Real estate boom. I changed careers in 2006 and was making a decent living of my earnings by liquating properties. In 2008 things took a drastic turn and I started loosing money, I dug in.


In 2010 I suffered foreclosures on 5 of my remaining properties. I filed in 2010 and discharged BK-7 in 2011. 


Since 2011 I have rebuilt my credit (>100k) and my long career change quest is at an end. I am looking to buy again. Scores are approaching 700-730. My utilization is low <3% and income will be 300K per year in base earnings. I have my BK reporting, and 5 foreclosures. All deeds were transfered appropriately after foreclosures. I have signed my contract and will begin July 1.


I am interested in no PMI option loans (physician loans) because I will not have any significant downpayment. Not my first rodeo mortgage wise, but my situation is very different from before. 


What can I expect realistically and what options are out there? Are physician loans a possibility and what else is reasonable? I’m moving to a region where home prices are above 500K if you want anything reasonable in a good school district. I want to apply in the next month and go through underwriting pre purchase, not just a lousy prequal and I want to be fully prepared. 


Feel free to PM me if you would rather opine privately.







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