I will have a Ch 7 Bankruptcy discharged next month, what are the chances on buying a home this year ????
2007-05-23 03:12:59 · 3 answers · asked by ROSIE 3 in Business & Finance ➔ Renting & Real Estate
Do you know your current credit score? Lenders have been raising credit standards for various loan packages due to the current subprime lending collapse. There are still lenders out there who are willing to work with buyers with "less than perfect credit" but you will probably face paying a higher rate and/or unfavorable terms if your credit score is below average. The chapter 7 bankrputcy definitely hurts you in the short term. For example, FHA requires that 24 months have passed after your discharge date (12 if you can document the bankruptcy was caused by events beyond your control) before considering you for a loan.
I recommend that you obtain a fresh credit report as soon as your bankruptcy is discharged to see where you stand. Then start working on repairing your credit right away. There are programs that specialize in credit repair, but most of what they recommend is common sense. Some negative entries on your credit report can be removed simply by submitting a written request to the creditor. You can generate positive entries by securing small debts and paying them off (a used car for example). If you haven't already, figure out what led you into bankruptcy in the first place and make sure that history doesn't repeat itself.
Be patient. In most regions of the US, housing prices are leveling off or even declining. Basically, unless you live in a major hot spot like Florida, Southern California, San Francisco, Seattle, NYC, etc. you will pay about the same or even less for a home in a year or two than you would now. Take your time, study your real estate market, educate yourself about the home buying and lending process. Then when the time is right you can buy the right home for the right price with loan terms that you can live with.
Good luck!
2007-05-23 03:47:05 · answer #1 · answered by eajbuffalo 2 · 1⤊ 0⤋
pass see a close-by loan officer - it extremely is loose - to make it easier to comprehend the way you may desire to finance to be certain what works right for you - additionally verify you get a Realtor - or somebody who sells mobiles - you will might desire to verify you very own the land - because of the fact it extremely is in an area - are there any regulations for that association/community which you will no longer stay with? What are the regulations in case you opt to pass the cellular someplace else later? additionally, cellular financing is extremely diverse than usual financing - greater rates of interest & extra $ down - till you get a lender that makes a speciality of modular or cellular abode sales and seek for an affidavidt of affixation - makes the abode properly worth extra if it extremely is wheels are bumped off and it extremely is completely on the floor/land. submit to in recommendations additionally, that a cellular has much less resale fee later (i does not purchase a cellular) i might purchase a usual stick equipped abode - extra valuable rates and private loan concepts.
2016-11-05 02:48:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not good at all. Given that lenders are tightening up on lending criteria due to the high levels of foreclosures, your chances of getting approval for anything other than downright predatory lending are not good.
Wait for another year or so, until you can repair your credit record.
2007-05-23 03:19:59 · answer #3 · answered by acermill 7 · 2⤊ 1⤋