2007-02-21 16:02:42 · 4 answers · asked by MyOpinion 1 in Business & Finance ➔ Renting & Real Estate
Provided your history is relatively clear since, 7-8 years is plenty of time. It's likey to have minimal impact on a mortgage.
2007-02-21 16:07:01 · answer #1 · answered by Rob D 5 · 0⤊ 1⤋
Some people who have had a bankruptcy have purchased a house in under 2 years from the final discharge of the BK. At 7 years the BK is much more of a minor issue.
What will matter a lot is what has taken place in the time since the BK. If you have established credit, have used it in a responsible fashion and have no negative marks since the BK your credit score should be pretty strong.
Have you pulled your credit files (all 3)? If not do so and see what they say. Check the score so you know. Look at the items to make sure they are all accurate. Challenge and have removed any mistakes on the report.
2007-02-21 21:00:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
We regularly work with people who have experienced bankruptcy. Find a "good" mortgage broker who will find a program matching your interests.
If you don't like the rate and terms, consider renting to own. Lock in tomorrow's price for minimal down payment, comb through your credit reports for inaccuracies, and add positive trade lines.
Many people do not understand "lease to own" -- therefore, they condemn that which they don't understand.
Don't settle for a bad mortgage if you'll pay a premium for the "privilege."
Mike
2007-02-21 16:56:45 · answer #3 · answered by paynemdp 2 · 0⤊ 0⤋
If bankruptcy is over 7 years old and you've had clean credit ever since there shouldn't be a problem.
2007-02-21 16:08:50 · answer #4 · answered by Gunny Bill 3 · 1⤊ 0⤋