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Home loan after bankruptcy

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thomastr3

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Post Posted: Mon Oct 17, 2011 11:38 am    Post subject: Home loan after bankruptcy
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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??

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Icon Mini Profile smithsussane
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Joined: 18 Sep 2008

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Post Posted: Mon Oct 17, 2011 8:28 pm    Post subject:
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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
Icon Mini Profile sabrinatoss
sabrinatoss
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Post Posted: Mon Oct 17, 2011 9:40 pm    Post subject:
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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.


Idea

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Icon Mini Profile helpfuljohn





Joined: 20 Oct 2011

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Post Posted: Mon Oct 24, 2011 5:27 pm    Post subject:
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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.
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