Can I buy a home if I just did a bankruptcy?

Question

I'm 40, make good money, so does my BF, he ALSO just did bankruptcy.

Answer 1

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment nor good credit.

but..... why?!?! Housing market continues to slump. Why do you want to lose more money?

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Would you consider delaying your plan? Professional investors are careful in choosing each investment that would be near or immediately cash flow positive. With overpriced housing market, that is not possbile.

For example, it costs $500,000 to $550,000 to buy a two bedroom units in Sunnyvale California. Mortgage monthly payment with nothing down is $3500 to $4000 a month with 7% APR. The rent one can collect from such unit would be $2000 a month. Therefore, for each unit you buy, you would lose $1500 a month.

* We assume tax benefits would cancel out with tax and maintenance fee. Please consult your CPA.
**If you have large down payement, the rate may be lowered.

Another important factor to consider, home price may not appreciate as much anymore.

Answer 2

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RE Can I buy a home if I just did a bankruptcy?

I'm 40, make good money, so does my BF, he ALSO just did bankruptcy.

Answer 3

I don't know if you can get a loan or not but I can tell you that if you do, it will be very high interest. Just like if you apply for a credit card or car loan. It takes at least 5 yrs. for your bankruptcy to go off your record(maybe 7). In the meantime, you could apply for a high interest card. Just buy something small ea. mo. & pay it off so that you don't have to pay interest. That helps to build your credit rating back up.

Answer 4

You can qualify for FHA two years after your bankruptcy has been discharged and you have met all your obligations since then. (at least that was true in 2001).

Answer 5

if u get a secured mortage like thru an insured mortage lender u can get a house but ur payments and terms would be longer and more expensivew becasue the ur a risk

Answer 6

No. You need to wait a certain amount of time.

If you "make good money" why did you file for bankrupcy?

Answer 7

yep you can get a hard money loan but it only goes up too 70%.

Answer 8

Probably not..maybe you should have held your horse!