I filed bancruptcy and had it discharged about 2 years ago. What can I do to keep this from letting me get a house or trailer. My wife and I just tried to get a trailer and they said we had to put 30% down. My credit is not the best but it's not as bad as it could be.
2007-02-15 06:40:44 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The BK should not hinder you from getting a house. There are loans where you can qualify for 100% 1 day out of a BK. Your score is still a factor. If you had a 580 mid fico and your income qualifies you then 100% financing should be available. I don't do manufactured homes anymore and maybe thats why you are having issues. Try to get qualified for a regular house and see.
2007-02-15 06:57:47 · answer #1 · answered by EPIC 2 · 0⤊ 0⤋
There are some lenders that allow 1 day after bancruptcy but still need a high fico.
They also would like to see new established credit since BK also cannot have any blemishes during that time. Try a secured credit card or jewlery or furniture stores that will give credit to anyone plus report it to the bureaus
Also manus or trailers lose value just like a car and yes they do ask for more down. A foundation built home is the way to go
2007-02-15 14:58:24 · answer #2 · answered by rick s 1 · 0⤊ 0⤋
Depending on your credit score you can still get a home loan with a bankruptcy. Your score needs to be over a 640 mid. Make sure all your revolving credit is below 30% of the limits. This will help bring your score up in a few months. Don't buy a trailer or a manufactured home because they are harder to resell and don't always retain value. Plus the guidelines for lending on a house are sometimes easier because the banks money is more secure.
2007-02-15 14:55:01 · answer #3 · answered by HBSL621 3 · 0⤊ 0⤋
Your bankruptcy will cause you to pay higher interest and have difficulty getting a standard home loan. The bankruptcy can remain on your credit record for no less than 10yrs,so save as much money as you can, and try to get a home loan for a manufactured home, I think you 'll have better luck with that as opposed to a stick built home. Be aware though, that you will have to pay higher interest rates than the norm. Good luck, there is life after bankruptcy...........it just takes a bit more time.
2007-02-15 14:50:49 · answer #4 · answered by fisherwoman 6 · 0⤊ 0⤋
hi get a freind that trust you enough to put there name on i house or apartement you want. and pay them a little for putting there name. but hi it work for me im in a four bedroom 2 bath and pay 350 amonth and pay my friend 150 for putting his name on it
2007-02-15 14:50:51 · answer #5 · answered by jaishuntae 1 · 0⤊ 0⤋