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Sniper762

Moving strategy CA>>>FL

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Hello all! I'm looking to move to Florida from California because I am an avid pro and recreational diver and that's where the action is.  February will be 2 year post BK, I do my banking with PenFed, Overdraft and 15k credit card. Additionally I have a 4.5k Cap one with all my fakos reporting 750 plus. I can put a third down in ballpark of the houses I'm looking at, half if I had to. Payment would be about 25% of take home. I rent in Cali.

 

I haven't found employment there yet, it could take awhile to land at GS job at one of the many bases. Hurricane Michael has the prices still falling even tho it's 40 mile inland. Are lenders going to look at me sideways for buying something 3000 miles away?

 

After typing this out I realize I need to leverage my current employment.

 

Pitfalls?

 

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Are you currently a professional diver? A lender would look more positively on someone moving across country for the same line of work than changing careers.

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On 1/27/2019 at 12:43 PM, Sniper762 said:

Hello all! I'm looking to move to Florida from California because I am an avid pro and recreational diver and that's where the action is.  February will be 2 year post BK, I do my banking with PenFed, Overdraft and 15k credit card. Additionally I have a 4.5k Cap one with all my fakos reporting 750 plus. I can put a third down in ballpark of the houses I'm looking at, half if I had to. Payment would be about 25% of take home. I rent in Cali.

 

I haven't found employment there yet, it could take awhile to land at GS job at one of the many bases. Hurricane Michael has the prices still falling even tho it's 40 mile inland. Are lenders going to look at me sideways for buying something 3000 miles away?

 

After typing this out I realize I need to leverage my current employment.

 

Pitfalls?

 

You're kinda stuck.

If you qualified for a conventional loan you could buy a home in Florida as a vacation or 2nd home but your bk will probably be a problem.

 

What type did you file, 13 or 7? If you filed a 7, you aren't going to be eligible until you've been discharged for at least 4 years UNLESS the bk was the result of extenuating circumstances. If you filed a 13, you could be eligible 2 years after the discharge.

 

Unfortunately FHA & VA both require you to buy the home as your primary residence which means you have to have a job in Florida or be allowed to work remotely with your current employer.

 

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On 1/29/2019 at 12:22 PM, VAloanMaster said:

You're kinda stuck.

If you qualified for a conventional loan you could buy a home in Florida as a vacation or 2nd home but your bk will probably be a problem.

 

What type did you file, 13 or 7? If you filed a 7, you aren't going to be eligible until you've been discharged for at least 4 years UNLESS the bk was the result of extenuating circumstances. If you filed a 13, you could be eligible 2 years after the discharge.

 

Unfortunately FHA & VA both require you to buy the home as your primary residence which means you have to have a job in Florida or be allowed to work remotely with your current employer.

 

Hi, Chapter 7. My circumstance was divorce, moving, loss of job and injury... I took a hit. I'm great now better than ever.

 

I was unaware their was a hard 4 year limit on buying a house. I figured a substantial down would push me through. It wasn't something I was thinking about because I never thought I'd be doing this good. Thank-you

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2 hours ago, 8ball said:

FHA is 2 years for Chapter 7. (I just helped a Buyer with one last year).

Some people (who aren't me) wonder why the FHA default rates are so horrific.  

 

The obscene default rates lead to dramatically higher upfront and ongoing loan costs for the people who are least equipped to absorb them (bad credit, little/no savings).

 

So many of the same people ruin their credit again, or default and lose their homes again, and the cycle continues.

 

Edited by cv91915

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5 hours ago, Sniper762 said:

Hi, Chapter 7. My circumstance was divorce, moving, loss of job and injury... I took a hit. I'm great now better than ever.

 

I was unaware their was a hard 4 year limit on buying a house. I figured a substantial down would push me through. It wasn't something I was thinking about because I never thought I'd be doing this good. Thank-you

If you are financially prepared it can't hurt to make a few phone calls and see if FHA is an option.

 

It should be relatively easy with the Google Machine to determine what qualifies as an extenuating circumstance.

Edited by cv91915

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On 2/2/2019 at 6:11 AM, Sniper762 said:

Hi, Chapter 7. My circumstance was divorce, moving, loss of job and injury... I took a hit. I'm great now better than ever.

 

I was unaware their was a hard 4 year limit on buying a house. I figured a substantial down would push me through. It wasn't something I was thinking about because I never thought I'd be doing this good. Thank-you

Based on your situation, if you want to buy now before you have a job in Florida, you'll have to buy the home in Florida as a 2nd home or vacation home.  FHA & VA are for owner occupied only so the only way to buy a 2nd home is with a conventional loan which requires 4 years after a BK to be eligible or you could go with a non QM loan that will require anywhere from 10% to 20% down & you'll have a higher rate.

 

If you can wait to buy until you have a job in Florida, you can go FHA or VA if you're a Veteran.

 

 

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On 2/5/2019 at 4:36 PM, VAloanMaster said:

Based on your situation, if you want to buy now before you have a job in Florida, you'll have to buy the home in Florida as a 2nd home or vacation home.  FHA & VA are for owner occupied only so the only way to buy a 2nd home is with a conventional loan which requires 4 years after a BK to be eligible or you could go with a non QM loan that will require anywhere from 10% to 20% down & you'll have a higher rate.

 

If you can wait to buy until you have a job in Florida, you can go FHA or VA if you're a Veteran.

 

 

Thank-you, what about 50% down, is that a game changer?

 

 

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20 hours ago, Sniper762 said:

Thank-you, what about 50% down, is that a game changer?

 

 

Not really but it helps with a non qm loan.

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