Mortgage after Chapter 7??
I had a chapter 7 bankruptcy discharged in Sept. 09. I checked my credit score on freecreditreport.com and it is currently at 599 according to Experian.I didn't pay to get the other 2 scores.I don't have any credit cards, but have a student loan I am making payments on.I want to buy a house in Sullivan County,NY. It is going for $69k. Can I get a mortgage with only 5%down and roll the closing costs into the loan?Also, my father in law is willing to co-sign me for the loan if it will help. He might be willing to do a Two-Person mortgage(forget exactly what you call it) where we are both responsible for the payments, just to help me get the house. Then in 2-3 yrs, I would look to re-fi the loan over to me only. His credit is over 720FICO and has good income,steady employment and also owns his home out-right.Is this possible in NYS, and with my credit & downpayment? Thanks by justin4e2f0c0c7cd11 from Syracuse, New York. Jul 26th 2011
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The standard rule is you must wait a minimum of two-years past the discharge date of your bankruptcy to get a loan. Most people have trouble even after the two year period because their credit is still an issue. Many times the credit report contain errors that are hurting your score, but most often it is because the person has NOT re-established a good CURRENT credit history. Your credit score will likely be an issue. A co-signers good credit can not be used to offset your weak credit. I suggest contacting a reputable credit repair company, get your credit in order, then try to buy a home. If you really want to buy now, contact a local NMLS licensed mortgage professional, and let them review your situation for exact advice based on your exact situation including a full application and tri-merged credit report. Buying in MN or WI? Visit www.MetzlerMortgage.com
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