2006-12-20 10:14:23 · 4 answers · asked by Angel 1 in Business & Finance ➔ Credit
Absolutely. I deal with this situation from time to time being a mortgage broker. I work with over 150 lenders on the wholesale side, and most have programs for people as soon out of bankruptcy as 1 day.
Banks look at a bankruptcy in 6 month increments, up to 2 years. The further out you are, the better off you are. They can look as far back as 7 years, but I have only dealt with one client that had 6 years out of a bankruptcy and was turned down because of it. It was not just the bankruptcy, there were several other factors that were included in that decision, including debt to income and loan to value. While all 3 were within the normal limits, they were all right at the cusp, and the final factor was that his credit score of 650 was not high enough.
After the 2 year period, your interest rate wont be effected, just the possibility of being declined for a loan, like the gentleman above.
If you want to discuss your options further, send me an email. Or check out out website.
BaconShmals@yahoo.com
Aapexfund.com
2006-12-20 11:11:34 · answer #1 · answered by baconshmals 2 · 1⤊ 0⤋
Usually banks and lenders need re-established good credit, and the BK must have been discharged 4 years ago.
You may be able to find a hard money lender or a private party lender, but you'll pay the price in interest.
Putting a lot of money down is probably you're only option, but I'm assuming you likely don't have a good deal of liquid reserves.
Learn about mortgage, credit, and personal finance:
http://www.thetruthaboutmortgage.com
2006-12-20 18:54:00 · answer #2 · answered by Todd S 3 · 0⤊ 0⤋
You can get an FHA mortgage 2 years out of BK 7. Go to the FHA.gov site and check it out. Do a search for BK.
2006-12-20 20:00:36 · answer #3 · answered by Kevin K 3 · 0⤊ 0⤋
if you pay cash....I don't think your credit is good for another 7 years....I may be wrong.
2006-12-20 18:25:57 · answer #4 · answered by blank 5 · 0⤊ 0⤋