---

Home loan after bankruptcy

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
thomastr3 Guest	Posted: Mon Oct 17, 2011 11:38 am    Post subject: Home loan after bankruptcy Like 0 Dislike 0 I'm retired $40,000.00 year retirement income with 1 car payment (213.00 per month) Filed bankruptcy 2010, discharged 08/25/2010. (forced to retire) My credit scores are 647-679-691 at present, my question is , can I possibly qualify for a home loan 18 months after discharge?? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10395 Location: Alaska 978.90 Dollars($)	Posted: Mon Oct 17, 2011 8:28 pm    Post subject: Like 0 Dislike 0 Hi thomastr! Welcome to forums! You won't be able to qualify for a mortgage so soon. You need to wait for 2 years after Chapter 13 bankruptcy discharge in order get a conventional loan. If you had filed Chapter 7, then you need to wait for 4 years to get a conventional loan. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 509 Location: Australia 81.60 Dollars($)	Posted: Mon Oct 17, 2011 9:40 pm    Post subject: Like 0 Dislike 0 Hello thomas, Hi. There are "No Credit Check Mortgages" but they have a higher interest rate and you have to put 25% down on the price of a house. Yes you can. The key is ....did you include your installment loans (autos/previous mortgages) in with your bankruptcy? If not, they lender will look favorably on that. If you did, then your best way to rebuild your credit is to put as much money into CD's at your bank and then borrow against them. As long as they report the loan to the credit bureau, you will have installment credit started again. Don't pay them off early. Lenders are looking for a payment history. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
helpfuljohn Joined: 20 Oct 2011 Posts: 22 4.66 Dollars($)	Posted: Mon Oct 24, 2011 5:27 pm    Post subject: Like 0 Dislike 0 Most traditional lenders won't give you a loan I'm affraid, you'd need to wait out the 4 years in most cases. there are specialty bad credit mortgage lenders, but as sabrinatoss mentions, expect to pay more if you go through one. _________________ Looking for a Home Equity Loan or Line of Credit? Find a lender in 2 clicks.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0