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I don't have good credit but i need to buy a house. what are my options

i filed for bankreptcy 3 months ago.  when will i be able to buy a house.  Are there other options that i can utilize to buy a house immeditely with my family members helping me with the down pmt and closing help
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November 26 2012 - Catonsville
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You will need to share what type of bankruptcy (chapter 7 or 13) and discharge date.  The clock starts ticking on the discharge date.

Chances are good it will be several years before you can qualify for a conventional or FHA loan    This is a good time to rent and reestablish yourself on a sound financial foundation.   Don't put your family members in the extremely difficult situation of cosigning or giving/lending you money - it goes wrong more often than it goes right.

Why do you "need" to buy a house, or is it perhaps a "want"?

If you find a private lender, plan on interest rates at least 3x or perhaps 4x the market rates.





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November 26 2012
When it comes to bankruptcies, every lender has different guidelines for both Conventional and FHA mortgages. Typically, best case scenario, you're looking at a 2 year waiting period from the date the bankruptcy was discharged (not filed). You could try finding a private lender but be prepared to pay an incredibly high interest rate (assuming they are more flexible with your scenario).
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November 26 2012
 
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