I live in Houston, Tx...and had a bankruptcy about 2 years ago..Well im working and i have a good job now and i want to buy a new home. I have a co-signer available that has excellent credit and income. Can i buy a home with a co-signer so sooon after bankruptcy though?
2007-07-09 08:19:28 · 12 answers · asked by lkevin_conroel 1 in Business & Finance ➔ Renting & Real Estate
2 years since filing or discharge? It has to be 24 months since discharge with clean credit since then for it to be a conforming loan. In that case, a dozen other factors like loan-to-value, reserves, credit profile, etc., decide what your rate and MI are going to be.
2007-07-09 08:32:26 · answer #1 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
no matter what anyone says it all depends on the loan programs available. using a mortgage broker who has 1000's of programs to choose from is your best bet. Most banks will want you to be 4 years out of bankruptcy to be the primary borrower on the loan, there are programs available for 2 years since discharge, and a few that will finance the day after your discharge. Your interest rate will go up depending on how many different things you have not in your favor i.e. credit score, bankruptcy, Loan to value. it sounds like you may be best off putting the co-signer, as the primary borrower, and taking a back seat, as far as ownership goes you will both be equal, and when you are ready to re-finance the other person can quit-claim the deed to you. your rate will be better. the minimum fico score for a 100% loan these days is 580 for most sub-prime loans, if you have any other questions you can contact me at dcoates@ptffinancial.com I'm a part time loan officer, and would be happy to answer any more questions you have. Hope this helps, and God Bless!
2007-07-09 08:48:03 · answer #2 · answered by Daryl C 1 · 0⤊ 0⤋
Yes, you can purchase a home with a co-signer. Do Not Let The Bank Bull You Around About An A.R.M. (adjustable rate mortgage) If your / the bank even speaks this way, the first time, politely say "not interested". If then the subject comes up the second time, DO NOT SAY A WORD, SIMPLY GET UP AND WALK OUT !!! If it happens to be a regular bank, and you have a checking account with them, CLOSE THAT ACCOUNT, and GO FIND ANOTHER BANK !!
Uncle Wil
2007-07-09 08:29:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You will probably be able to get a mortgage loan since it's been 2 years after the bankruptcy. Hopefully, you've reestablished credit (it's fairly important to show that you can get back on the horse and ride again, so to speak).
If you have not reestablished, you might find yourself subjected to a high interest rate.
If you have reestablished, your interest rate will still be slightly higer than prime.
(Having a hefty down payment will help - just FYI.)
2007-07-09 09:23:11 · answer #4 · answered by YSIC 7 · 0⤊ 0⤋
It may take awhile to find a lender that will take a chance on you. I've been told that it's best to wait a couple years after filing before trying to get a loan like that. You're going to be considered a "bad risk" for awhile. I, too, have filed Chap. 7 so I know what you're going through!!
2016-04-01 05:32:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes, if the bank or financial inst. will approve the loan.
The federal law says that after a default, foreclosure, or bankruptcy you may again own property after 24 months---if a financial institution is willing to approve you.
I just found this out recently because my son's home is in foreclosure.
2007-07-09 08:23:59 · answer #6 · answered by Blue October 6 · 0⤊ 0⤋
Everything depends on your credit score. You can get a free credit report once a year from each of the three dredit buruaes...Transunion, Experian, Equifax.
https://www.annualcreditreport.com/cra/index.jsp
The best practice is to request one from each agency every four months. That way you can keep it in check. You can also pay a couple of bucks to get your score.
2007-07-09 08:29:41 · answer #7 · answered by ♠Brian♠ 3 · 0⤊ 0⤋
Yes but the banks will not give you as good of a loan. Probably higher interest & a variable.
2007-07-09 08:22:31 · answer #8 · answered by Deb S 6 · 1⤊ 0⤋
You should probably go to a lender and try to pre-qualify for buying a house. This should be a quick way to know your answer.
2007-07-09 08:22:50 · answer #9 · answered by Jeff L 2 · 0⤊ 0⤋
Yes, if you have a co-signer you should have no problem.
2007-07-09 08:24:27 · answer #10 · answered by Anonymous · 0⤊ 0⤋