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selethiacoffey · Joined: 09 Apr 2009 Posts: 1 1.28 Dollars($)

can i or how can i get a loan to buy a house even though i have filed charter 7 last year

smckaybiz · Posted: Thu Apr 09, 2009 5:40 pm Post subject:

hello selethiacoffey, welcome to the forums!

Unfortunately I doubt you would qualify for a mortgage at this time. I believe you would have to wait atleast two years after filing bankruptcy before you would even be considered. Atleast in the meantime you can really work hard at rebuilding your credit score.

The only other option I could think of is finding someone who is willing to do owner financing or an article of agreement where you make payments to the owner for a year or two before actually taking out a mortgage to buy it out from them. Some people who are desperate to sell right now due to the economy may be willing to work with you.

In all honesty though, if you just filed for a bankruptcy a year ago, are you sure you are up for taking such a big step? My wife and I filed for a chapter 7 about 5 years ago and are now just finally preparing to buy a home.

Either way best of luck!

gmakerley · Posted: Thu Apr 09, 2009 6:59 pm Post subject:

scott, anyone considering owner financing would be a fool not to have a credit report drawn; and in finding a chapter 7 filed a year ago, would be a bigger fool to go ahead and do the financing.

market guidelines are 4 years, with required reestablishment of credit. if anyone is nuts enough to make the proposed loan, God help them.

smithsussane · Posted: Thu Apr 09, 2009 8:01 pm Post subject:

Hi selethiacoffey!

Welcome to forums!

You will have to wait for 2 years after the discharge of Chapter 7 bankruptcy to get a FHA loan. If you are planning to go for a conventional loan, then you need to wait for 4 years after the discharge. Before that, I don't think you'll be able to get a mortgage.

Feel free to ask if you have further queries.

Sussane

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