Hope to get some advice, my son told me aboout this site, so thank you in advance!

I have a wonderful job, salary in the 75K range, with a very bright future. although i just recently started this new job, my second month having relocated from Tampa to Knoxville. I have a two year contract, and the position will last well beyond the two years.

The problem being i just got through a personal bankruptcy and my credit is poor. However, before the bankruptcy my credit was always excellent. What is my chance of getting a home mortgage? and if there is a possibility, what could i expect? Thank you.

In this day and age, there is a mortgage for virtually everyone, presuming they have the capacity to make the payments.

Expect to pay a much higher interest rate than the best rates currently available. Expect your closing costs to be higher. You may also be expected to come up with a larger down payment than would otherwise be necessary. Your loan may have a prepayment penalty.

A reputable mortgage broker should be able to help you navigate the process. But don't be afraid to shop around, even with your current credit situation. Good luck.

You should check your credit report before applying for a loan to make sure that the information it contains is accurate.

Depending on the circumstances of the bankruptcy, lenders have different opinions/criterion about bankruptcy. If it was for reasons that you did not have control over (e.g. serious medical issues with no coverage), it would be viewed differently than if it occurred because of uncontrollable frivilous spending and "I don't give a darn attitude." If it the former, talk to a loan officer about your situation.

The question now is usually not if you get a loan, but at what price you'll pay. There are many subprime lenders that would be glad to help you, even with recent bankruptcies.

Since your contract will be for a 2 year period, considering the costs associated with buying and selling a home, you might also consider renting a home for 2 years. It will give you the flexibility to relocate if the job market opens up again in Tampa.

I am planning to go for mortgage loan since I am running out of cash. I was laid off last year and I carried on with my own small mechanic shop in Knoxville. It was really tough time to get through. Well, I want your advice how to choose a better mortgage loan that fits my needs and shall I consult some expert too.

http://mortgageamigo.com/

We recommend calling lenders and asking about their qualification requirements and your circumstances. We assume you have a property you want to mortgage. It depends on your income and ability to repay. If you can't pay it back, you shouldn't get a loan. The lender wants the money back, not the property. So it depends on what you mean when you say you were laid off, but own a small mechanic shop. The income from that employment has to support you and the loan.