Qualifying

wcfrenchie · Joined: 17 Apr 2008 Posts: 1 1.34 Dollars($)

I filed bankruptcy two and half years ago. Am I still able to purchase a mobile home and if so, what would be my interest rate? I have a substantial inheritance to put as a down payment. Would this help qualify me? I have rented apts for almost 20 years and have never been late with a rental payment or payment on my car loan. I have no other equity. Would this hinder my qualifying?

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi wcfrenchie,

Welcome to the forum.

You filed BK two and half years ago right. So was it chapter 7 or chapter 13? It is very hard to get another mortgage if you have filed BK. Bk is shown on the credit report for almost 7 years.

But it is also true that with time the effect of BK looses and if you increase your credit score then you may be approved for a mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

evolovik26 · Posted: Fri Apr 18, 2008 6:57 am Post subject:

Usually the cutoff for most mortgage lenders is 2yrs after bk was discharged (not filed). If you did not have any negative issues on your credit since the BK and it has been 2+ years you can attempt to qualify for a mortgage loan. If its a mobile home it will depend on the lender whether they lend on that particular type of property. I whould look into FHA loans.

Samantha

Hi wcfrenchie,

It's good that 2 years have passed since your bankruptcy filing. But what's the type of bk that you filed? if it's ch 13 then you can very well, try out with FHA loans as Eugene suggested. By the way, in case you'd like to improve your credit, here's a Credit Repair tool developed by the community. You can use it to analyze and repair your credit. It's a new one that they've come up with and i've just used it. looks good actually, just give it a try.

Do let us know if it has been helpful to you.

God bless you.

Samantha

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