Profile picture for Segura949

I have a discharged BK from about a year ago. I have 50K for a down payment, can I purchase a home?

So I filed for BK about a year ago. I've been rebuilding my credit since then, but only stand at a 580-590 score right now. Can I finance a home? I do have about 50k for down payment. Any help/tips are appreciated...Thank you!
  • June 05 2011 - Lake Elsinore
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Answers (8)

Profile picture for Caveat Emptor
this question is from june.
  • December 08 2011
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You may want to consider an owner finance option to purchase now and allow you a couple years to establish your lender financing before the note becomes due. 

Best of luck.
Charlene Weston
Realtor

  • December 08 2011
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Where you want to buy the homes?  if it is in SC, FL, we can help

  • December 06 2011
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What type of BK did you file?  Ch.13 you could be fine if you have made your BK payments on time with  no mortgage lates and derog credit.  This is a situation I would probably find a lender and talk with him in detail about yoru specific situation.  You can find local lenders on Zillow or if you would like  a recommendation (not sure what area you are in) visit my profile, send me an email and I will help.

Good Luck

  • June 09 2011
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One of my clients carries the loan with 40% down at reasonable rates. He sells over 1000 properties a year.
  • June 07 2011
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If BK13, you can purchase if you show that you made your payments to your bankruptcy trustee on time. If BK7 you need to wait at least another year.
  • June 06 2011
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Segura,

What kind of BK did you file? Chepter 13 or Chapter 7?

Sincerely,
Greg
  • June 06 2011
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What was the cause of your BK?  If it was due to extenuating circumstances, then it's certainly possible after you've had at least 1 year of re-established credit with no late payments.
  • June 06 2011
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