can you buy a house after your bankrupt is finally?

Answer 1

Not sure what exactly it is you're asking but if you can find a lender to give you money after declaring bankruptcy then you could absolutely buy a house.

Answer 2

You can buy a home 1 day out of a Bk.

Have you re-established any credit from the date of your Bk? Job time and income is looked at also.

Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 4-5 percent toward closing cost -assistance) Follow me so far??

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score.

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Answer 3

FHA rules require you wait 2 yrs and rebuild some credit. You can not have negative credit the 12 months prior to application or you will have to clear them up first to get final approval. You will also need to write a letter of explanation for the underwriter so they understand your circumstances. Usually a medical bankruptcy is easier to over come than "we just spent ourselves silly" kind of explanations. You may use cell/telephone credit, rents paid on time, or any other credit you re-established and have paid as agreed.

Fannie Mae or Freddie Mac require 3 yrs past bankruptcy to qualify for a conventional loan. The other items above also apply. Other lenders that shop your loan tend to charge higher rates, fees like points usually are higher, and you usually do not get "A" rated credit for those loans. The ones I outlined are considered "A" credit and if you follow these directions should be able to qualify for a traditional mortgage.

Answer 4

in most states there is a down time of seven years to get a bankruptcy of your record. during this time they can use any of a number of other reasons to deny you, but legally they are not supposed to use the bankruptcy as a reason. some do and unless you want to take them to court over it, which would waste a lot more money than it would be worth, easier to move on and try again. you just have to try and with some luck you will find someone to finance you. if its meant to be, it will.