I am 20 months since ch. 7 discharge.
I would like 100% financing for a 159k house.
I make 57k a year and have 2 car payments but no other debt.
2007-09-03 09:32:50 · 10 answers · asked by yanks006 3 in Business & Finance ➔ Personal Finance
I cannot say for sure, but I will say that right now is probably the worst time to shop for a mortgage. All the mortgage companies are being overly paranoid and cautious about who they lend money to now.
2007-09-03 09:41:25 · answer #1 · answered by PRC SD 3 · 1⤊ 0⤋
No, even if a property was not part of your chapter 7, the minimum is 2 years from the discharge date, with re-established credit and the bankruptcy must have been beyond your control and not likely to occur again in the future. The bad news that even then, you will not be able to get 100% financing due to the current "credit crunch" we are experiencing in our industry today, this transaction type would most likely be considered "high risk". You might try FHA, but you have to document to ability and willingness to repay the debt and have re-established credit including a minimum of 12 months timely rental payment history that can be documented.
Website below may help.
2007-09-03 17:07:54 · answer #2 · answered by Etta P 4 · 0⤊ 1⤋
First you need to be 24 months discharged on your bankruptcy. You probably could get 100% financing, but your % rate will be higher and you'd also have to pay PMI on 100% financing. You'll still have to come up with money for the closing costs. Your best bet would be to speak with a mortgage company to see if you qualify and what the rates would be on 100% financing. They will tell you that your bankruptcy has to be 24 months discharged.
2007-09-03 16:50:20 · answer #3 · answered by Weimaraner Mom 7 · 1⤊ 0⤋
100% financing after bankruptcy? I wouldn't give you that loan. Save up a down payment. Without some of your own equity at risk, you're not likely to get a loan.
Also, why do you have two car payments? Buy a good used car for CASH and get rid of those payments!!!
www.daveramsey.com
2007-09-03 16:56:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You might be able to get FHA but you can forget 100% financing. You will need to save at least 3% and FHA will allow you to finance some of the costs, but your mort payment will include PMI. Wait a while until you can afford a decent downpayment.
www.daniellemarguerite.com/realestate.com
2007-09-03 18:01:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I doubt it under current conditions. Your credit will show as bad, so even if you were able somehow it would be a disaster that would cause you more problems. Slow down, get yourself together, save for a downpayment, do things in an orderly way. Get rid of these car payments also.
2007-09-03 16:56:04 · answer #6 · answered by The Scorpion 6 · 2⤊ 0⤋
Not likely. 100% financing for a house is very hard to get these days even with good credit, and with the bankrupcy on your record, you won't have much change to get it.
Save up until you have around 20%, plus closing costs, saved toward a house, and you might have a chance as the bankrupcy is farther back in time.
Good luck.
2007-09-03 16:40:41 · answer #7 · answered by Judy 7 · 3⤊ 1⤋
how about coming back in in 7 to 10 years with 50K down!!!
but i enjoyed the chuckle!!!ll
2007-09-03 16:45:42 · answer #8 · answered by mister ed 7 · 1⤊ 2⤋
y u asking public?
2007-09-03 16:37:56 · answer #9 · answered by Anonymous · 0⤊ 2⤋
Great big NO!
2007-09-03 16:44:00 · answer #10 · answered by Mike M. 5 · 1⤊ 1⤋