How can you buy a house if you have filed bankruptcy?

Question

Can you even get approved? If you can, what do you need to do to get started and how long must you wait after filing?? Thanks!

Answer 1

If you have steady income and supporting documentation of your income you can get a house.

There are so many lenders out there that will give you a loan 2 day out of Bankruptcy. You will pay a little higher of an interest rate, but to get back on your feet it is worth it.

You can always refinance to get a lower interest rate after you have had the house for a while. Check with your state's law as far as that is concerned.

But yeah, get that house you want!

Answer 2

That depends on just how much the bankruptcy effected your credit score. If your score was high prior to the bankruptcy it may be that you will still have good enough credit to get approved, but probably at high rates. If your credit was low prior to you filing you will most likely not get approved at any kind of rate that would be worthwhile. You are probably better of renting until your score gets up over 620 or so.

Answer 3

look around for people that do lease to own. Sometimes they will take a portion of your "rent" and put it into an account and save it for a down payment then in a year or two when your ready you buy the house. Just make sure you lock into a purchase price now. I'm not sure where you live but in Illinois there are even some home investors that help people in this situation and help build up your credit while your "renting"

Answer 4

You can buy a house, but you'll pay a very high interest rate. You'll have fewer choices of lenders and therefore, may end up paying higher up-front fees or requiring to put down a large down payment.

If you can, save up some money before buying. While buying a house has some definite advantages, you're better off waiting a few years, saving up a few thousand dollars for downpayment, and having a cleaner record. Keep you nose clean until then.

Answer 5

You can, what you need is a "sub prime" bank, they have
programs for people with bankruptcies on their credit report.
the rate will depend on the "seasoning" meaning how long you have been out of bankruptcy, the only catch is that you have to be discharged from bankruptcy, you can buy anything unfortunately while still in bankruptcy b/c its part of the agreement when you 1st filed, they call it "accruing new debt"

If you'd like, please feel free to call me at toll free 1-866-242-6689 ext. 5002 ask for me, My name is Jennifer. I am a loan officer for a sub prime bank, It's free and I'm more than happy to refer you to someone if I can't help you.

Answer 6

My sister filed "Bankruptcy" and my gosh if things weren't worse for her, than before she filed!!! There is no way you can do it, trust me, on this one, unless you have the whole amount, and money saved for your "Property-Taxes" socked aside... Bottom line is from now on, you have to pay in "Full" for eveything.. They try to make, filing for "Bankruptcy" seem as tho its a good thing, but everyone treats you like your a flat-out "Criminal" once you have filed.. Its really sad, too!!! The Best of Luck to you hun!!! Smile!!!

Answer 7

There are some non profit organizations that can help you. It won't be easy though. Try doing a google search for "buying a house after bankruptcy".

Answer 8

I have read that you have to wait 2 years from the date of discharge. Until then try to get your credit rating up by getting a credit card and making small buys and paying it off every month.

Answer 9

The best bet is to find a house that the owner is willing to carry the contract. That way there is no bank needed and interest rates and payments can be worked out between you and the seller.

Answer 10

it somewhat is approximately to grow to be a multitude. there is not any way i will think of that this might close in 6 - 8 weeks with a quick sale and financial disaster in touch. I also have a assets indexed the place the fast sale replaced into authorized in August and we nonetheless have not closed yet.