Home Loan after Bankruptcy?

Question

My bankruptcy discharged a week ago. I have 25K in savings. I want to buy a home of 250K with 25K down. I make around 70-80K, disclosed in papers and have no car payments or any other debt. Can I get a loan. If yes, how much payment am I looking at, for fully amortised 30 years loan?

Answer 1

Best Answer - Chosen by Voters

Many people have been stuck with bad credit for a long time. For such people, bad credit home loans are a real blessing. This loan gives an opportunity for such people to also own a house. Normally, when lenders dispense such loans, they ask for the credit<!--score and analyze it. However, in the case of a bad score, the lender does not ask for the credit score. So even if you have a poor credit score, you can avail this home loan without any worry. How do you choose the best deal for a home loan?

http://badcreditloans.awardspace.com/Easiest_Way_to_Get_a_Home_Loan_with_Bad_Credit.html

It is of utmost importance that every borrower should do a lot of research and find out who is the lender best suited to his needs. Even when you are opting for a home loan when your credit history is not good, you can look around and choose all that is best suited to your financial-->situation. You do not have to take the very first opportunity that you get only because you suffer from bad credit. If you have such an attitude and go in for a long with a high interest rate and tough repayment schedule, then only you will suffer. You may end up being not able to meet the commitment and this may worsen your financial credit score.

Answer 2

Highly unlikely. Most lenders want to see 2 years of seasoning on a BK before they will issue you a new loan. Even if you find a loan not based on credit score, you don't have enough down to avoid PMI, and PMI is based on credit score. I doubt you can even receive PMI at this point.

Get back on your feet, then purchase.

Source(s):

Oregon Realtor

Answer 3

It's possible, but you need to talk with several lenders in your area. Loan packages have changed dramatically in the past year. No one here can tell you what you need to know because they don't have your while financial picture.

Don't use internet lenders, believe me they won't be there when you need them.

Source(s):

appraiser/realtor