2006-12-01 07:32:39 · 11 answers · asked by Vince R 1 in Business & Finance ➔ Renting & Real Estate
It is probably going to take a few years and you will probably have to have 12-24 months of perfect credit. You will more than likely have a higher interest rate because of it. I know people who have filed bankruptcy in the past 5 years and they own houses again.
2006-12-01 07:37:03 · answer #1 · answered by Mom of Four 4 · 0⤊ 0⤋
It depends on your credit score after the bankruptcy. Earlier this year, I did a loan for a guy 1 day out of a bankruptcy AND foreclosure.
The key is to have some credit (car, student loan, something) that you can keep paying on through the bankruptcy and that'll keep your credit score from totally bottoming out.
You'll need to talk to a good mortgage broker though, because that's the only place you'll find financing in your situation.
2006-12-01 08:17:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
as soon as 2 yrs. It depends though, on the severity of your bankruptcy. A not so bad case of bankruptcy would be a bunch of credit cards that totaled no more than $30,000. A bad case would be losing a mortgage on home, or losing financing for a car, or defaulting student loans. Also, your credit history before the bankruptcy is taken into consideration. I had great credit the years before the bankruptcy, I just went through a rough patch after graduating and my credit card balances got out of control in a matter of 6 months. So as you can see I'm lucky because my history was good-showing that if circumstances allow I can be responsible with credit and I only had problems with credit cards, no home loan, or student loans, medical bills, or car finance.
2016-05-23 08:25:13 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I've heard that it is not that hard to buy a home after your bankruptcy is completed...because lenders know you can't file again for years. I am in the middle of a chapter 7 right now myself but I rent anyway. Consult a mortgage banker in your area and they should be able to give you more specific advice and tips. Also, they'll be the ones most likely to help you get in to a new house no matter what it takes, because they benefit from the sale, obviously.
2006-12-01 07:41:06 · answer #4 · answered by Rach 3 · 0⤊ 0⤋
That depends on you. There are companies that will give you a mortgage 1 day discharged from a Chapter 7. The rate is higher than a conforming loan. Conforming loans require at least 2 years discharged with re-established credit and reserves of at least 2 months PITI.
I am a mortgage banker in Tennessee
2006-12-01 07:36:43 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋
We have mortgage products for borrowers 1 day out of bankruptcy, and we even have bankruptcy bailout loans for home owners.
But in terms of acquiring a loan DURING bankruptcy for a home purchase... next to impossible
2006-12-01 07:39:28 · answer #6 · answered by rmijares 2 · 0⤊ 0⤋
It depends, If you can pay a high downpayment, and buy a home which is cheaper than what you can afford with your income, you probably can buy a house with a good interest rate.
2006-12-01 07:45:13 · answer #7 · answered by errai14 2 · 0⤊ 0⤋
Well for one thing your credit score will suck and if you do get approved for a loan your interest rate will be sky high.
2006-12-01 07:36:20 · answer #8 · answered by Merrily 3 · 0⤊ 0⤋
difficult to get a good interest rate, but someone will loan you the money
2006-12-01 07:38:50 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Impossible for at least five years unless you have someone to co-sign or you can pay cash for it.
2006-12-01 07:41:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋