I'd like to purchase a home and apply mortgage. I filed chapter 7 18 months ago. What requirements are needed for me to be qualify mortgage application?
2006-10-11 05:38:45 · 5 answers · asked by zhu3146 1 in Business & Finance ➔ Other - Business & Finance
Yes you can apply for a loan of course the rate is going to be higher, but our company tries to get you the lowest rate possible.
You will just need to have all you ppwk intact and a job and you can qualify for numerous loans. Let me know if you have further ? I will try to answer them.
2006-10-11 05:46:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
thats tough!... getting a loan also requires that you have a credit score of at least 680 or above. Filing Chapter 7 seriously lowers that score a lot. More conservative banks my deny you, however there are many loan programs for people like yourself. SONYMA has many programs offering loans with low interest rates for people with low credit scores etc. Another thing you have to keep in mind is the loan amount that you are requesting, if it's to high you might also get denied. Another is assests, (do you have any?, savings, stocks, life insurance etc..) the more you show you actually have money stored somewhere, the better your chance is.
Anyway, yes there are banks out there that may offer you a program that is right for you. Good Luck!
2006-10-11 05:53:04 · answer #2 · answered by lucia 3 · 0⤊ 0⤋
There are ways to get a car after filling a chapter 7 but for a home loan. Without having a home already that would be very difficult to obtain without a co-signer............ You can check the net for people that will help you with a car loan and you should be riding within a few days.
2006-10-11 05:47:07 · answer #3 · answered by kilroymaster 7 · 0⤊ 0⤋
yes you can actually get a loan 1 day out of chapter 7 discharge. How ever! The rates are not favorable until you have been discharged at least 2 years with good re-established credit.
2006-10-11 05:42:08 · answer #4 · answered by golferwhoworks 7 · 0⤊ 0⤋
you can probably get a loan although you might get in with a very high interest rate, you should consult with a Bankruptcy attorney and consult with them, or try and consult with the attorney who prepared your first ch. 7 he/she should be able to advise.
Hope this helps
2006-10-11 05:50:56 · answer #5 · answered by sola07 2 · 0⤊ 0⤋