How hard will it be to purchase a house after I file bankruptcy?

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Posted September 5th, 2010 in When To File Bankruptcy.

10 comments:

  1. Mom of Four:

    It is probably going to take a few years and you will probably have to have 12-24 months of perfect credit. You will more than likely have a higher interest rate because of it. I know people who have filed bankruptcy in the past 5 years and they own houses again.

    September 5th, 2010 at 8:17 pm
  2. Merrily:

    Well for one thing your credit score will suck and if you do get approved for a loan your interest rate will be sky high.

    September 5th, 2010 at 8:17 pm
  3. golferwhoworks:

    That depends on you. There are companies that will give you a mortgage 1 day discharged from a Chapter 7. The rate is higher than a conforming loan. Conforming loans require at least 2 years discharged with re-established credit and reserves of at least 2 months PITI.
    I am a mortgage banker in Tennessee

    September 5th, 2010 at 8:17 pm
  4. RICHARD S:

    just have a big down payment & be prepared to pay high intrest rates

    September 5th, 2010 at 8:17 pm
  5. Gr8 F8:

    difficult to get a good interest rate, but someone will loan you the money

    September 5th, 2010 at 8:17 pm
  6. rmijares:

    We have mortgage products for borrowers 1 day out of bankruptcy, and we even have bankruptcy bailout loans for home owners.

    But in terms of acquiring a loan DURING bankruptcy for a home purchase… next to impossible

    September 5th, 2010 at 8:17 pm
  7. Rachel R C:

    I’ve heard that it is not that hard to buy a home after your bankruptcy is completed…because lenders know you can’t file again for years. I am in the middle of a chapter 7 right now myself but I rent anyway. Consult a mortgage banker in your area and they should be able to give you more specific advice and tips. Also, they’ll be the ones most likely to help you get in to a new house no matter what it takes, because they benefit from the sale, obviously.

    September 5th, 2010 at 8:17 pm
  8. Warren H:

    Impossible for at least five years unless you have someone to co-sign or you can pay cash for it.

    September 5th, 2010 at 8:17 pm
  9. errai14:

    It depends, If you can pay a high downpayment, and buy a home which is cheaper than what you can afford with your income, you probably can buy a house with a good interest rate.

    September 5th, 2010 at 8:17 pm
  10. robert495713:

    It depends on your credit score after the bankruptcy. Earlier this year, I did a loan for a guy 1 day out of a bankruptcy AND foreclosure.

    The key is to have some credit (car, student loan, something) that you can keep paying on through the bankruptcy and that’ll keep your credit score from totally bottoming out.

    You’ll need to talk to a good mortgage broker though, because that’s the only place you’ll find financing in your situation.

    September 5th, 2010 at 8:17 pm

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