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Sniper762

Holy! I have a nice problem I need help with.

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Well I was discharged just under a year ago and I haven't been working due to injury but I should be back working shortly. Then quickly out of no where I inherited a huge chunk of money unexpectedly.

 

Buying a home is now on my mind and it's been so long since I've owned I believe I qualify as first time / fha.

 

Where do I even start on my options and angles on this project.

 

I'm thinking of moving to Florida from California as a basic fresh start ( I love diving)

 

Thank-you

 

Caught off guard.

 

 

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How much is a "huge chunk"?

 

I don't care about the actual dollar amount, but when I first read your post I was wondering why you needed a mortgage. What percentage of a home would the money buy?

 

I agree with Sandscrit about figuring out the next steps slowly and methodically.

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I'm actually good at managing my money and credit. Massive string of unfortunate events led to my bankruptcy.

 

Fidelity handles my IRA so I had met with them last week to expand my footprint with them and setting aside 200k for a house. Only plan on using 100k for 25% down, I can go all in later if I chose. Location will be N Cali or S Florida.

 

I have the time to read and research, it all happened so fast I had no time to anticipate. I'm completely ignorant of what is available to me now and need a good plan to maximize current mortgage products.

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I'm actually good at managing my money and credit. Massive string of unfortunate events led to my bankruptcy.

 

Fidelity handles my IRA so I had met with them last week to expand my footprint with them and setting aside 200k for a house. Only plan on using 100k for 25% down, I can go all in later if I chose. Location will be N Cali or S Florida.

 

I have the time to read and research, it all happened so fast I had no time to anticipate. I'm completely ignorant of what is available to me now and need a good plan to maximize current mortgage products.

 

Well I was discharged just under a year ago

 

 

I would have advised anyone who just inherited a significant amount of money to go slowly and methodically; your BK had nothing to do with that.

 

The BK will, however, limit your options for a while, especially in the first year or two.

 

Google can get you to some good articles just by using the keywords "mortgage after bankruptcy." I would paste a couple of links here, but the moderators in this CB forum (and IME, only this CB forum) are fanatical about deleting links to external sources, even when they do not violate the ToS.

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Well I was discharged just under a year ago and I haven't been working due to injury but I should be back working shortly. Then quickly out of no where I inherited a huge chunk of money unexpectedly.

 

Buying a home is now on my mind and it's been so long since I've owned I believe I qualify as first time / fha.

 

Where do I even start on my options and angles on this project.

 

I'm thinking of moving to Florida from California as a basic fresh start ( I love diving)

 

Thank-you

 

Caught off guard.

 

 

Congrats on your windfall. Don't forget about the tax bill. Unless you inherited it from a spouse (or your name was already on the account) you will get hit with a good size tax bill as it's taxed as ordinary income. Fidelity should be able to help you out with that.

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Well I was discharged just under a year ago and I haven't been working due to injury but I should be back working shortly. Then quickly out of no where I inherited a huge chunk of money unexpectedly.

 

Buying a home is now on my mind and it's been so long since I've owned I believe I qualify as first time / fha.

 

Where do I even start on my options and angles on this project.

 

I'm thinking of moving to Florida from California as a basic fresh start ( I love diving)

 

Thank-you

 

Caught off guard.

 

 

What income are you using for the mortgage?

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What income are you using for the mortgage?

 

 

 

 

I'll be back to work in a month or so. Maybe the same company (16 years) or something new if I chose to move to FL. I was hoping sufficient down could help gloss that over. Learning.

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What income are you using for the mortgage?

 

 

 

 

I'll be back to work in a month or so. Maybe the same company (16 years) or something new if I chose to move to FL. I was hoping sufficient down could help gloss that over. Learning.

 

No, a large down payment will not gloss over the fact that you don't have a job.... I would definitely wait til you've been employed at least a little while before trying for a mortgage.

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