2006-09-05 17:39:27 · 8 answers · asked by marie 2 in Business & Finance ➔ Credit
There are many lender who will give you a loan 1 day after your 13 is paid off. However, you must reestablish yourself by obtaining new credit lines. Any company who reports to the bureaus will work such as auto dealers, furniture dealers and the obvious ones like credit cards. You must have at least 2 FICO scores and both must be over 500 to qualify. The higher your scores the less $ you will have to put down on the purchase.
2006-09-05 20:57:56 · answer #1 · answered by Debbie P 2 · 0⤊ 0⤋
you can buy a house immediatly after the bankrupcy is discharged however it will be hard to find a loan, almost all traditional sources will turn you down, but you can go to sub prime lenders who will give you a mortgage with high fees, high downpayment requirements and a high interest rate but if can still swing it, it will help build your credit and maybe you can refinance to better terms after a few years.
Another way is to buy from a real estate investor where deals can be engineered so you dont have to qualify for a loan or you can do a lease option which lets you rent for a period of time with part of your rent going towards a downpayment.
Again all these options cost you more but that is an additional cost of bankrupcy
2006-09-05 18:44:52 · answer #2 · answered by ken 3 · 1⤊ 0⤋
All debts are forgiven, but certainly not forgotten. At least not for 7 years. You may be able to get a mortgage, but you will pay thru the nose (think double digit interest rates). Your best bet would be to rent and build up some money for a down payment for 2013.
2006-09-05 17:44:21 · answer #3 · answered by Anonymous · 1⤊ 0⤋
well i know for a fact that u can buy a car within two weeks because my friend just did so.i would believe i would try within a year.its funny but you have better credit with having a bankruptcy then if you have bad things on your credit.so maybe you should call a realtor they would have the best answers for you.good luck with that house
2006-09-05 17:46:33 · answer #4 · answered by queen4clewis 3 · 0⤊ 0⤋
I wouldn't try for a couple years but often banks are anxious to lend to those who have filed bankruptcy because they know they can't do it agian for a while.
2006-09-05 17:46:31 · answer #5 · answered by raredawn 4 · 1⤊ 0⤋
There's always a lender out there that will say yes to you, no matter what your credit. That being said though, your interest rate may be astronomical.
2006-09-05 17:45:07 · answer #6 · answered by TrainerMan 5 · 1⤊ 0⤋
not long! after a bankruptcy you technically have good credit! because lenders know you have no debts.
2006-09-05 17:45:00 · answer #7 · answered by -^-Smooth C-^- 4 · 1⤊ 0⤋
Immediately if you can find a house for nothing down and seller is agreeable
2006-09-05 18:17:21 · answer #8 · answered by bigjohn B 7 · 0⤊ 0⤋