Looking for home loan after bankruptcy

american_mooncalf · Joined: 21 Apr 2007 Posts: 3 2.39 Dollars($)

Ok I have been a year and a half out of bankruptcy and went to check my credit scores and here they are. 654,601,626 with the average being 627. I am looking at a mobile home with asking price of 15,400 and figured I would offer 14,000 then put 2,000 cash down leaving a loan of 12,000, can anyone tell me where i might find a company that will give me this loan? I know that most lenders like to see 4 yrs out of bankruptcy but I also know that there are lenders that will take me on just not sure where to find them, anyone know where i might look?

jameshogg

Hi american_mooncalf,

Welcome to forums.

You are correct when you say that lenders prefer to deal with borrowers who are out of bankruptcy for quite some time. But there are lenders who may agree to offer you a loan at a higher interest rate. Now, considering the subprime market turmoil, I shall suggest that you first of all make an attempt to improve your score and then go for a mobile home mortgage loan.

Thanks.

Samantha

Hi american_mooncalf,

I must appreciate your thoughts as you are trying your best to repair your credit by taking a home loan. But if at all, you wish to re-establish your credit, start off with a smaller loan amount at a lower rate of interest – it can be any personal loan or a credit card having a smaller credit limit and the like.

Start making regular payments on the loan and then again check your score after a few months. Hopefully it will be better and something above 650 which will help you to get a lower rate and avoid getting into financial hassles in future.

I may be discouraging you but then if you have waited till now, I feel you should wait for some more time so that in future you do not come across problems while managing credit ad the interest charges that you will have to pay.

Hope this helps...

God bless you.

Samantha

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