2006-06-29 10:10:38 · 8 answers · asked by question2 1 in Business & Finance ➔ Credit
He should be able to be qualified for a home mortgage 2 years after the discharge of his bankruptcy, IF he has re-established credit during those two years. Those two years should be completely clean credit, with no late payments at all.
Before applying, check credit reports from all three of the major credit bureaus to make sure that all the debt that was included in the bankruptcy is being reported correctly. They should say "Included in Bankruptcy" or "IIB". If anything from the BK is still showing as owed, file a dispute to get it changed so that it is reporting accurately.
For the mortgage, I'd recommend using a mortgage broker. They can shop the loan around to various lenders to get you the best rates.
Good luck
2006-06-30 05:02:25 · answer #1 · answered by Mama Pastafarian 7 · 1⤊ 0⤋
Normally it is 2 years from date of discharge.
To obtain a good rate without paying a high percentage rate, be sure that you have maintained excellent credit since the bankruptcy. This means no late payments over 30 days. It is also to your benefit to have saved money. By doing so it shows the lender that you are managing your money better and can put an investment into the property.
Some B/C Lending Company's will finance before that time frame, but the interest rate and the down payment will be very high.
2006-06-29 13:50:46 · answer #2 · answered by netter jean 1 · 0⤊ 0⤋
7 years
2006-06-29 10:13:29 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The bankruptcy will remain on your credit file for 10 years. Other negatve information can stay for 7 years. You may qualify for an mortgage now. It depends on a number of factors.
2006-06-29 12:09:57 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
It stays on the credit report for 7 years but I believe it's after 3 maybe 4 years of good pay history you will be able to get a home loan.
2006-06-29 10:15:13 · answer #5 · answered by shominyyuspa 5 · 0⤊ 0⤋
when my husband filed bankruptcy it showed foe 7 years you might be better off to phone a bank to ask
2006-06-29 10:18:08 · answer #6 · answered by Darlene M. 2 · 0⤊ 0⤋
You can probably buy one now- You may have to pay a higher rate and/or put more money down, but you can still get a mortgage.
2006-06-29 11:32:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you can do it now if you have maintained a good record since.
2006-06-29 10:15:53 · answer #8 · answered by John m 2 · 0⤊ 0⤋