Recovery after Bk

[raptorman4u]

here is the deal. Filed ch7 in Jan of 04 and discharged in july of 04. was making about 14.00/hr at the time. Bought a house in Feb of 02. Put 15,000 down and bought house for 67,000 minus down payment. In august of 05 got a promotion to the HQ for 23.97/hr but it is 60 miles away. My truck gets about 15mpg. I am spending about 500/month on fuel. Under contract to sell current house and will have about 20,000 equity for a downpayment on another house in the town closer to work. Sure prices are higher for the town we are wanting to move to, but if I add the 500 extra per month that i spend on fuel added to our current mortgage then I could afford about a 1,200/month house payment. Problem is the bankruptcy. My credit score is about 550. Both my wifes vehicle and my vehicle are paid off. One credit card with a 500 dollar limit and paying it off every month. So I am going to have about 20k down for a 150k loan. Is this going to be possible or should I just rent for a while? Should I get help with a cosigner...Plz Help.....LOST IN KANSAS!!

[AfterBkMortgage]

If you really want to buy a property, the first issue that needs to addressed is your credit score. With the limited amount of open credit lines you have, there are only a few opportunites to increase your credit score in a relatively short amount of time. The difference between a 550 and a 600 in interest rate could be 1-2%. Get a copies of your credit report ASAP and make sure all items that should have been included in your bankruptcy reflect accurately. If there are items that need to be removed, you can use a Rapid Rescore service (it does cost money) to bring those balances to $0.

You other option: just wait! Get some good lines of credit reporting, work on cleaning up your credit report, and fully understand the housing market around you so when it's time to buy, you are an educated buyer - plus you can save for a bigger down payment.

[lrprn]

Raptor and AfterBKM, I moved your two posts into their own new thread to make them more accessible for replies by other members.

Raptor, in the future, please start a new thread of your own when you have questions like this rather than including them in an old thread. Thanks!