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Answers (7)
- RonRa
- Contributions:9
Surprise! Bankruptcy has consequences!! And it should. That said, it sounds like you understand that you made a mistake and are willing to own up to it. It is highly doubtful you will get a mortgage until at least 2 years after discharge. In the mean time, save up for a down payment, keep paying your bills on time and get a secured credit card and use it/pay it off every month. By the time you reach September 2011, you should be in good enough shape to prequalify for a mortgage. Good luck.
- Holly Blanken, "onegodholly"
- Contributions:71
I know that is tough I was in a similar situation . I ended up doing a lease option and that really helped..I not only got in the house I wanted but making timely payments on that further established my credit...
- Mark Vale, "Mortgage411 4 U"
- Contributions:3
Yes 2 years from the discharge date is the minimum time requirement… with good re-established credit! Sometimes there are exceptions due to extenuating circumstances,… medical issues etc. The best advise is to plan and get yourself ready to buy next year! Continue paying all your obligations on time maybe open a few small charge cards and pay monthly, never exceed 40% of the available credit . This will keep your credit score up! Keep receipts or better yet canceled checks for rent payments. Proper planning will make the process quick and easy when your discharge is 2 years past. I am local to you feel free to give me a call to discuss your plan.
Mark
- Kerry Cybulski, "kerryrealestate"
- Contributions:143
according to my lender typically 2 years from the discharge date is the minumum time requirement. Sometimes there are exceptions due to extenuating circumstances, but that does not sound like it would help in your case. My advise to you would be to find a seller that would give a land contract or a lease purchase. Good Luck and I hope this information is helpful.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
With 40% down you may be able to get a private money loan. Rates are around 11%.
- Celia Butler Home Loan Diva, "At Academy Mortgage"
- Contributions:359
YES totally possible... I have access to special programs that allow for it.
Sincerely,
Celia
Sincerely,
Celia
- Christine McGinty, "whitemountainagent"
- Contributions:273
It sounds like you're on the right track as far as your getting your credit back together after the bankruptcy. Doubtful you will be able to get a mortgage much under 2 years, but get together with a lender and let them guide you as to your timeframe as the type of bankruptcy will dictate how long it will be before you can obtain a mortgage.
Ask your lender about first home buyer programs that you may be eligible for. Keep your credit on track and eventually you will be in a home.
Ask your lender about first home buyer programs that you may be eligible for. Keep your credit on track and eventually you will be in a home.
Is it possible to get a home loan sooner than 2 years after a bankruptcy?
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