When can a person buy a house after filing for bankruptcy and get good interest rates?

Answer 1

7-10 years after it falls off your credit report.

Answer 2

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 or good credit.

Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.

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

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html

Answer 3

A bankruptcy will stay on your credit report for 10 years

Answer 4

10 years for a good interest rate. Around 3 years to buy but your going to pay a very high interest rate.

Answer 5

If you live in the US you need to contact me immediately. You don't have to live with that bankruptcy on your credit report or on the public records.

There is a lobbying group called JONAS that has been successful in stopping collections & repairing credit reports with the assistance of a federal agency. They have been successful in removing liens, judgments, bankruptcies, charge-offs, etc. from credit reports.

They also have been successful in getting judgments voided and bankruptcies and liens removed from public records based on the findings of the federal agency.

If you want more info on JONAS, email me at [e-mail]

Answer 6

Check your credit rating, if its over 500 then you should be able to get financing. You're not going to get the best interest rate out there, but you can always refinance it in a year or two for a lot better rate.

Answer 7

No you are able to no longer except that's from a pal or somebody who's doing a no longer trouble-free money own loan, meaning its a personnal own loan. Lender standards are as follows FHA 2 years after BK and Conv is 4 years

Answer 8

7-10 years but there are certain companies who deal with out of bankruptcy and you can get a mortgage.....you would need to speak to an officer...i used to be a mortgage broker thats how i know...
you will get a mortgage, but dont expect to get a low rate, your rate will be high due to the BK

Answer 9

For Finance and credit solutions I always visit this website where you can find all the solutions. http://your-finance.us/index.html?src=5YAhih52VaKMtd1

RE :When can a person buy a house after filing for bankruptcy and get good interest rates?
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