almost 2 years ago and we dont have alot of money down. is there anyway that we may still be able to own our own home. we only have rent and useual household bills....no others. can anyone give advice?
2007-03-25 18:14:12 · 12 answers · asked by Kendall H 1 in Business & Finance ➔ Renting & Real Estate
You certainly can. The BK alone won't keep you from qualifying, however until it is over two years old it will cause you to incur a higher interest rate. After two years, it doesn't really matter. You'll still need to qualify based on your income, credit, debt ratio, etc.
Talk to a mortage banker (not a broker) who will pre-qualify you at no charge. My favorite is Julie at http://primelendingonline.com
Good luck!
2007-03-25 18:52:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If I were you, I'd spend some more time saving money for a downpayment. A large downpayment could offset the bankruptcy; showing lenders that you now have the ability to be financially responsible.
Do NOT get sucked in to "rent to own" schemes, or I will almost bet that you will be worse off than before you started. It's tempting to take the first offer you get, but ultimately you'll end up spending MUCH more money in closing costs, etc than you would've if you'd have waited.
It can seem like renting is selling yourself short. Most people think of paying rent as throwing money away every month instead of investing it in their own home. That can be both true and false. If you end up with a home that needs a lot of work, or is expensive to maintain you'll be wishing you were still renting. Money can run dry when you're buying your first home!
I would say that your best bet is to continue renting for a while. After filing bankruptcy, your financial investment options can be limited. While it may seem that people are willing to lend you money, they are really attempting to loanshark you into paying extremely high interest on the borrowed money. These creditors are able to profit on these loans because no matter which chapter of bankruptcy you filed, defaulting on the loan can land the borrower in jail for fraud.
Good luck!
2007-03-25 18:29:06 · answer #2 · answered by Kara S 2 · 0⤊ 0⤋
You may be able to get a loan, but the interest rate will be higher than a normal loan + fees probalbe also. It's called a sub-prime loan, and several of the companies who specialized in them are in deep trouble these days. But it is possible. Make sure you only but what you can afford. And if you pay the minimum payment each month, after about 3 years your payments coul;d double or triple.
2007-03-25 18:20:24 · answer #3 · answered by jimmyjohn 4 · 0⤊ 0⤋
I have been there myself - you will need to wait a few more years before the bankruptcy is expunged from your credit record. It will be *seven years* before a bankruptcy is off the radar screen of your credit history. Look at it positively - you've got more time this way to save money for a bigger down payment, and more time to build your credit back up.
2007-03-25 18:26:29 · answer #4 · answered by the phantom 6 · 1⤊ 0⤋
Yea u can get a co-signer for ur home. That person must have good credit though; that way, if u don't pay ur mortgage, they will be responsible to pay for it. So it should be somebody close that you trust with good credit :) Although I would suggest that you just start building up your credit again and paying all of ur bills exactly on time. I think you get that option even after uve filed for bankrupty. U can still get a checkbook and make sure u pay all of ur bills on time. THat way slowly u can start building credit again because having good credit is sooo important in so many ways, especially today.
2007-03-25 18:21:06 · answer #5 · answered by Milena 1 · 0⤊ 1⤋
It is really to soon to try to buy a home as your credit has not recovered from the bankruptcy. Your credit score will be too low to qualify for a loan.
2007-03-25 18:17:28 · answer #6 · answered by Sparkles 7 · 1⤊ 0⤋
where do u want to live? have u heard of "lease option"ing a house?
thats where u sign a contract to buy a house, (to basically reserve it for u) and then u 'lease' it until u can qualify for the loan. it works in this market now, cuz people are also testing the neighboorhoods out before they are locked in.
i do them in the nationwide (u.s.) and i can just give u more advice or actually help u get a house.
depending on your area, i am very sure there are investors like me that are around that can help u. that sounds like the best option.
cuz yes its 'renting' or leasing, but if u get an investor like me that yes i want my part of the profit, but i do want to help u too. and i'd make a portion of your 'rent' count toward downpayment, or something like that.
if u talk to one out there that won't do that, or just "nickel and dimes u" then drop em like a hot potato. there are a bunch of us out there for u to pick one that is interested in u. i do win win win deals. u win, i win, the seller wins.
anyways, any other questions feel free!
2007-03-25 18:30:31 · answer #7 · answered by firemedic311 3 · 0⤊ 0⤋
You might if you have started to re-establish your credit. However, sub-prime loans are less available now that New Century and others like them are tanking. So your cost of credit probably will increase and credit may be less available to you for the moment.
2007-03-26 16:17:45 · answer #8 · answered by DLeibowitz 5 · 0⤊ 0⤋
It would be best for you to not buy a house for a few years...save as much money as you can so you can have a large down payment, work on your credit situation.. do not trap yourself by buying something you can not afford
2007-03-26 02:09:07 · answer #9 · answered by butterfly234 4 · 0⤊ 0⤋
you may record an amended 2009 tax return and declare the credit as long as you're below settlement by way of April thirtieth and interior of sight June thirtieth. or you may % to attend and declare the credit on your 2010 taxes.
2016-10-19 22:41:45 · answer #10 · answered by Anonymous · 0⤊ 0⤋