my wife
2006-11-07 06:12:59 · 6 answers · asked by Brenda 2 in Business & Finance ➔ Renting & Real Estate
you can try but you will probably get denied for the loan
2006-11-07 06:17:11 · answer #1 · answered by GAgirl 4 · 0⤊ 0⤋
YES! And run like hell away from anyone who says you should have to pay a higher rate.
FHA loans, which are insured by the Federal Housing Administration, come at market rates (6.00% today, give or take). FHA only requires 2 years after a bankruptcy in order to qualify.
Nowadays, there are some Alt-A or Expanded Criteria products that also allow you to get very very close to market rates with only 2 years after your bankruptcy. When I say very close, I mean no more than .5% higher rate than someone with no bankruptcy ever.
FHA is great because it only requires a 3% down payment, which can come from any number of sources.
Most importantly, none of this will work unless you have re-established some credit since your BK. Hopefully you have a clean, verifiable rental history? A new credit card or two? A car loan you kept through the BK?
As long as you have a couple new, good credit accounts like rent, car, cell phone, etc... and haven't been more than 30 days late on any of them in the past 12 months, you should be able to get a good loan.
2006-11-07 15:17:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Brenda,
Depending on other factors, you may very well be able to purchase a home even with a bankruptsy on your record. You may have to pay a higher interest rate, something in the range of 9 to 9.5 percent as opposed to the current market rates of around 6 percent. Lenders use a scoring system--creditors with excellent credit receive what is called "A Paper Loans", those with the most favorable conditions. Other creditors receive "B Paper, C Paper, or D Paper Loans" depending on what is in their credit history.
Look for a lender who specializes in helping people clear credit issues and has sources for the types of loans described above.
I'm a Realtor® in Austin, TX and I have worked with American Homefront Mortgage (Jodi Sieracki at jodi@americanhomefront.com) in the past. Not sure where you are located, but she might be able to steer you in the right direction. Email her and see if she can help.
2006-11-07 14:54:08 · answer #3 · answered by longhornhomes 2 · 0⤊ 0⤋
My name is Mike Bradley and i work with Bourdeau Financial. We have thousands of programs for people who have had bankruptcy's. All i need is the oppourtunity and some information to see if I can get you approved for the loan. It only takes me about 10 minutes to collect some information from you and then i can call you back within 30-45 minutes in order to tell you if your approved or not. All i ask is for the oppourtunity to help you buy your new home. I can be reached at (866) 530-7300 x7316
2006-11-08 15:38:47 · answer #4 · answered by Mike B 1 · 0⤊ 0⤋
You will not be able to get a traditional bank loan. You can look for a seller who is willing to let you rent-to-own. Just make sure you get a contract in writing up front and get a receipt for all payments you make to the owner. It would be smart to get an attorney to look over the contract before you sign it. You should be able to hire one for $100 - $150/hr and it should only take 1-2 hrs for him to go over the contract with you. It is a wise investment that could save you a lot of grief and money in the long run.
2006-11-07 14:26:39 · answer #5 · answered by FabMom 4 · 0⤊ 0⤋
Sure you can. Just buy it full price.
2006-11-07 14:37:06 · answer #6 · answered by Speedy 8 2 · 0⤊ 0⤋