Mortgage after Bankruptcy
My husband and I filed Chapter 7 bankruptcy. It was discharged February 24, 2010. We have reestablished our credit, made our payments on time. I know that the usual wait period it 2 years, but is it possible to get financed now with only $5000 to work with for down and closing? The house price would be about $150,000. by tarabrooks_2004_9... from Chipley, Florida. Aug 8th 2011
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
YOU CAN BUY a home after a bankruptcy. The trick is to do EXACTLY what you have done. Review your credit report to make sure it is accurately reporting, reestablish some credit, and wait a minimum of two-years past the discharge date. Of course a lender will have to review your full picture, but generally speaking, a FHA loan is your best option after just two years. FHA requires 3.5% down payment, and you to roll in your closing costs of up to 6% of the purchase price into the transaction (as seller paid closing costs). So a $150,000 home would require $5250 out of your pocket. Looking to buy after a bankruptcy in MN or WI? Visit www.MortgagesUnlimited.biz
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