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bad credit,want to buy a house

Posted on: 15th Jul, 2012 03:59 pm
Im a first time home buyer,Ifilrd chapter 13 in 2010,due to divorce and sickness,Im looking to buy a house but afraid i cant get financed,before bankruptcy my credit score was 695,can u help
hi bengie,

after a chapter 13 bankruptcy discharge, you need to wait for 2 years to get approved for a conventional loan. as 2 years have already passed, i will suggest you to check your credit scores and start applying for loans.

thanks
Posted on: 15th Jul, 2012 08:35 pm
Hello Bengie,

Here's the thing, if you happen to have a down payment on a home, you do stand a good chance of getting a mortgage with bad credit. This is one way how to buy a house with very bad credit. It's actually best if you have a down payment on a home; this will not only get you a loan, but it will secure you a much cheaper interest rate on a mortgage loan.


Thanks

:idea:
Posted on: 15th Jul, 2012 08:40 pm
The average waiting period from lenders after bankruptcy is 2 years. And the more money you put down as deposit, the easier it will be for you to get a mortgage.
Posted on: 18th Jul, 2012 01:56 am
If you have completed 2 years after bankruptcy, you can apply for an FHA loan.
Posted on: 18th Jul, 2012 04:27 am
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