2007-02-18 10:23:50 · 5 answers · asked by corey b 1 in Business & Finance ➔ Renting & Real Estate
Yes, and it is not as expensive as people lead you to believe, if you keep your finances in order.Fannie Mae and Freddie Mac only require 2 years from discharge of a Chap 7. If you have re-established credit as well as income, assets large equity or down-payment you can get a competitive rate. Not suprising to see people two or so years out of BK with solid credit scores. The key is re-establish credit and pay on time. Lates after a BK make obtaining a mortgage near impossible.
2007-02-18 12:19:02 · answer #1 · answered by Gary N 2 · 0⤊ 0⤋
Check with a few local mortgage lenders. Some have a criteria that requires a year out of bankruptcy and others may require 2 or more years. Much of it depends on the circumstance.
2007-02-18 18:48:24 · answer #2 · answered by Venita Peyton 6 · 1⤊ 0⤋
You will need to have established and paid on time with three different credit accounts. These can be bank loans, creditcards, or car loans. Most lenders will only require 2 years to get a loan, but it will be expensive. After 4 years you are basically back to normal in most lenders eyes. Any good mortgage broker can get you the loan.
2007-02-18 19:08:40 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
Yes. But you need to correct the problems that caused the BR first. That's my opinion. But it is possible. Youll need to check your credit report and clean it up because it will depend on how you are currently handling your finances if they will finance you. And you will pay a high interest rate. But it is possible. But take some time to get your credit in order before you do anything.
2007-02-18 18:45:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Of course you can buy a house. Going bankrupt doesn't make you forfeit your right to buy a house.
The question is whether you can get someone to finance you, presumably you can't pay cash.
2007-02-19 16:08:17 · answer #5 · answered by Quixotic 3 · 0⤊ 0⤋