Buying a house after BK?

[NASCAR20FAN]

I have read on this forum that you can actually get home loans after 2 years. IS thjat really true? If so, is there something that says that these are loans that are gauranteed thaty we can get it or is it pretty much that same a getting a loan through another source?

[MTG_BANKER_OH]

I have read on this forum that you can actually get home loans after 2 years. IS thjat really true? If so, is there something that says that these are loans that are gauranteed thaty we can get it or is it pretty much that same a getting a loan through another source?

You can actually get a loan 1 day of of cahpter 7 discharge. You just have ot have a credit score of 580 or greater. Your best bet is FHA if you are 2 years out because you can get a great rate, low 6's currently and you can get in with zero down. The only stipulation is you can not have any lates reporting on your credit report after the discharge of the chapter 7. Either way one can obtain financing, the gols is to make sure you are comfortable with the payment, as you would not want to overextend yourself just out of a BK.

[marinewife98]

That is some good information you posted!!! After we where discharged 1/13/6 we had a realtor that told us she could get someone to help up here in Va. But we was scared they would turn us down. My husband is active duty military and the Va Qualifications was 2 years after bankruptcy. Maybe you can answer this question for me. What is the highest rate we should pay for a home loan?

[MTG_BANKER_OH]

That is some good information you posted!!! After we where discharged 1/13/6 we had a realtor that told us she could get someone to help up here in Va. But we was scared they would turn us down. My husband is active duty military and the Va Qualifications was 2 years after bankruptcy. Maybe you can answer this question for me. What is the highest rate we should pay for a home loan?

It is tough to say, it depends on the situation, where your scores are at now, your income. There are people that can help you out and get you into a loan with zero down. Typical rates will probably look like 7.5% on the first and 12% on the second with an 80/20 loan. One loan will get you around 9% doing 100% financing. Most of these loans you will only get a 2-3 year fixed and then you will have to refinance in 2-3 years to get into something long term. The most imortant thing is not to be late after a chpater 7 on anything it could hurt yoru chances for a refinance and you could end up getting stuck in a 2 year loan again at the end of the 2 year period. With your VA benefite you could get into a va loan after the 2 year period.