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Karen Close's Answers


What's the best mortgage to get after a bankruptcy?
If the bankruptcy was discharged 2 years ago then you can do an FHA loan. You need a 640 credit or you will pay a ridiculous penalty. Not worth it. We can do a credit repair audit to get your score up. You just need to follow the instructions to the letter because it is computer generated so no deviation.If you...
Is it possible to rent out my home (with an underwater mortgage) and still qualify for a mortgage on a new home?
What we will do is place your current home on your real estate asset sheet. We can use 75% of the rent with a lease and all of the rent when it has been reported on your tax returns. If there is a higher mortgage payment than rent, it will be part of establishing your debt to income ratio. Normally 40% Debt to...

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