2007-11-18 16:03:53 · 5 answers · asked by need a hom 1 in Business & Finance ➔ Renting & Real Estate
I found interesting information about your answer & options here. ( Personal Bankruptcy, the myths and facts:)
http://all-debt-consolidation-loan.blogspot.com/2007/08/personal-bankruptcy.html
2007-11-19 06:08:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes. But everything depends on how recent your bankruptcy was and most importantly, if you foreclosed on a previous mortgage. If you foreclosed on a previous mortgage you can expect to wait 7-10 years to be eligible for another home loan.
If not, you can start rebuilding your credit - try this site for good suggestions -
http://articles.moneycentral.msn.com/Banking/BankruptcyGuide/BounceBackFastAfterBankruptcy.aspx
The higher your score, the better the loan terms. Our score is 635 after 3 years in Chapter 13 with no foreclosure and many months of building up our credit line with credit cards. We are eligible for a loan now. I'm sure others with more financial know-how could give you more loan info. Talk to a loan officer, too. Just thought you might like to hear from someone who's been there.
Good Luck
2007-11-19 00:12:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You do NOT have to wait 7 years to get a home loan after bankruptcy. In fact, you may be able to get a mortgage immediately after discharge in some cases if you meet the criteria. As far as what credit score you need ... same rules apply as without a bankruptcy.
It's all about who, what, when, where and why. See a broker.
2007-11-19 02:45:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes. You will need a large downpayment.
2007-11-19 00:14:19 · answer #4 · answered by !!! 7 · 0⤊ 0⤋
not for 7 years. you'll pay out the asss in fees if you try. that's the price you pay for declaring bankruptcy.
2007-11-19 00:11:49 · answer #5 · answered by Anonymous · 0⤊ 3⤋