Posted on: 10th Jul, 2009 09:38 pm
We are currently paying for a mobilehome and land that is finance in someone elses name. We have been paying on it for about six years could not finance it on our own due to bad credit. We would like to finance it on our own now but our credit is not good we filed a chapter 7 about 6 years ago our land is worth more than what is owed on it between my husband and I we make about 65,000 a year my husband has been in his job for six years and I am currently doing contract work do you think it is possible to find a lender that will consider making the loan.
Hi herrera,
You can qualify for an FHA loan 2 years after discharge from chapter7 bankruptcy. For conventional loans, you need to wait for 4 years to qualify. Since your bankruptcy is 6 years old, you have a chance to qualify for a loan. However, a lot depends on how much you improved on your credit since the discharge. Have you checked your current credit scores? What are they? Do you have any other negative items on your credit? Have you saved some amount of money for the down payment?
You can qualify for an FHA loan 2 years after discharge from chapter7 bankruptcy. For conventional loans, you need to wait for 4 years to qualify. Since your bankruptcy is 6 years old, you have a chance to qualify for a loan. However, a lot depends on how much you improved on your credit since the discharge. Have you checked your current credit scores? What are they? Do you have any other negative items on your credit? Have you saved some amount of money for the down payment?