Home loan after Chapter 7 bankruptcy

Hi everyone! I'm new here...just found the board. I need some advice or any kind of info you can give me. It will be greatly appreciated! :)

My husband, Matt, filed Chapter 13 back in 1999 after a mobile home he had was repossessed. Since then, he filed Chapter 7 this past October and it was discharged 2/3/05. We pulled all three credit reports the other night and there are a few things on there that are not showing as being discharged through the BK. I have contacted all the companies, got fax numbers and have wrote letters to them to fax along with a copy of the schedule of creditors to show proof they were discharged. They said they would update the credit bureaus once they get it. Anyway, his credit score was 546.

Right now we are renting from a younger couple and we are just in a really bad situation. First all, it's on a dirt road and at the bottom of a hill. When it rains, the whole front yard (not that there is one!) looks like a creek with red mud everywhere! The kids can't even get out and play. We were hit by Hurricane Ivan back in September and there are still trees down, which they agreed to get up but haven't. Here's the biggest thing of all....they don't even have their own water meter! They have water lines run into her mother's water so we're using their water and having to pay them each month. We didn't find this out until after we had already moved in!! They promised when they got their tax refund they would install a water meter so we could get our own water bill. Matt asked them the other day...they said they don't have the money. Also, the fridge went out about a month ago. Matt contacted them and they told him they just didn't have the money to get it fixed so guess who had to fix it??? US!!! Anyway, sorry for the vent.

The thing is...we are in a really bad rent situation and where we live rental property is just too hard to come by. Also, we hate to up and leave and rent something else and waste all that money on deposits, kwim? I was wondering if there is ANY way that Matt could possibly get a mortgage with maybe 5% down?? If anyone has any ideas or any direction they could point me in....please do let me know!
Thanks,
Krystal

unfortunately, if the discharge was just a few months ago, it may be too soon for a chance at a mortgage with a low down payment. Usually, it takes about 2 years before you can get something along the lines of a 5% down mortgage. Sometimes it can happen quicker, but that is usually for people who post-bankruptcy have a decent credit rating (believe it or not, some people are in the low 700s soon after BK). The good news is you are doing all the right things right now. Kepp working on fixing your credit score. If you read this board, you will get some great ideas as to what you can do to fix your credit quickly. And try to put some money away for the down payment. There will be a few offers in the early months for mortgages from some sub-prime (and sometimes sub-human) brokers. I would stay away from them as tempting as they may be. You don't want to end up paying 15% interest on a mortgage a couple of years down the road, which is what many of these things do to you. Good luck.

I Have Been Pre Approved Since Feb For 80% Loan And A 20% Loan At 8% Intrest For Buying A House I Just Can Find One I Like Yet My Bk Will Be Discharged 1 Year 4-21-05 I Just Went Thru A Relator And Their Mortgage Guy... I Was Scared To Even Try BUT I Found A Home I Loved Well I Tried A Day To Late And Someone Beat Me Too It But He Says Im Still Pre Approved If I Find One.. So Dont Give Up (im In Illinois) BEFORE BK I STRUGGLED TO PAY MY BILLS BUT I STILL PAID THEM AND MY INTEREST IN 97 WAS 14% FOR PAYING LATE... SO TO ME LIFE BECAME BETTER SO FAR... IF I COULD JUST GET MY CREDIT REPORTS RIGHT

Thanks for the replies! I figured it would be too soon. Gosh, the thought of living here for two more years makes me sick! I'm sorry GCPD....what do you mean an 80% and 20% loan?? Are there any types of down payment assistance programs that would help us if we had to have a higher downpayment? I know I'm grasping at straws here.

Oh, another thing....there are about 8 things on his credit that are not showing as being discharged through the BK. Once they do show that...wonder how much his credit score will go up? Or will it?