Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Buying a house after Bankruptcy

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  • #16
    There are tons of used car dealerships that specialize in subprime loans, that don't report your account and your payments to the CRA's. Just a note to others, if you decide to use one of those your job is your credit type of dealerships, ask them up front whether or not they report your account and your payment history to all three CRA's. They should also be able to provide you an answer in writing.

    But to answer your question, a letter from the dealership isn't going to boost your credit score. But it may help towards getting you a mortgage. Also look into getting a copy of one years worth checks that you used as payment for your car note. This payment history could also work in your favor. Beside this and other forms of ontime payment histories, all you can do is continue to use and make prompt payments towards the credit cards you currently have - and allow time to take its course at increasing your credit score.

    Another thing you want to consider doing if you already haven't is getting a copy of your credit report from all three CRA's and removing any descrepancies that may be on them. Doing this will also help at increasing your credit score(s) too. Aside from everything I've wrote, sit down with a few experienced mortgage specialists, to find out what you actually need to have done to qualify for a mortgage with thier organization or from thier end clients.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.


    • #17


      • #18
        Wow, this is my first time on this board, lots of great information so far!

        I have many questions !

        My husband and I officially filed for Ch 7 in April, but it was discharged in July, so, which date do lenders go by, file date or discharge date?

        Anywhoo......I just ran both me and my husbands credit report. His FICO Score is 610, mine is 570, there are 2 mistakes on mine showing I still owe balances ($6K), so I have disputed that with the credit reporting agency.

        Will we be able to get a decent home loan with both of us having 620-650 FICO's? We were looking to buy a house at the end of this year. We have NO debt, I am currently shopping around for a secured credit card for both of us to build up our credit.

        I'm amazed that my husbands score is so high, being as before we filed it was barely 530!

        Any other suggestions??

        Thanks so much!


        • #19
          Daney, the lenders go off the discharge date. There are lenders that will do financing 1 day out of bankruptcy as long as you have a 580 score or better. Yes you will be able to get a decent home loan after a bk especially with those scores. The big thing is going to be rebuilding credit and rent checks if you dont already own a home. If you have any further questions let me know. I will be glad to help. Hope all is well.


          • #20
            A few tips that will aid you in getting a mortgaage after bankruptcy

            First, continue timely paying on items such as your home and cars that were not discharged in the bankruptcy. Having at least a couple credit items you are paying on- time will help.
            Second, limit the amount of other debts such as credit cards or bank loans. Too much debt will make it more difficult to qualify for a loan, particularly revolving credit accounts such as credit cards. Your debt-to-income ratio is one part of the puzzle lenders will look at in determining your ability to repay a mortgage.


            • #21
              With a foreclosure in my past, (year and a half ago) and still in a chapter 13 when do you think a person would be able to get a mortgage? With 30-40% down?


              • #22
                With 30-40% down and the foreclosure out at least a year you should be able to get financing anytime. Right now you should be able to qualify although the rate would be in the high 7's to mid 8's. If you have any further questions shoot me an email.



                • #23
                  Hello! I've been reading some of the messages out there.I was told that i eather had to wait for two years or come up with 20% for the down payment if I didn't want to wait the two year period.Now my situation is that I am getting ready to file and I am concerned wheather or not by filing will affect me useing my VA certificate.I am under the impression that I will not have to put any money down when useing it.I ordered a copy of my credit report from the 3 agencies and got a score from TransUnion,it shows my score at 523 right now will filing chapter 7 affect that as well? Please help!


                  • #24

                    Lost home in Chapter 7 (Oct 2004) due to "lender negligence" 7 years ago. Now in process of buying home back from trustee and land back from Bank.
                    They want "cold cash" - DUH...............
                    Thankfully a friend is a land investor and is going to bail me out and he is going to buy it back.
                    But I also need info on how I can finance my home so I can return his money too him.
                    Right out of BK, nobody wants to loan against equity even if the house is paid in full...................$60,000 in equity. They all say I have to wait 2 years.
                    Want to get my friends money back to him as soon as possible.
                    Nobody will loan $18,000 against $60,000 in equity.
                    My FICO score is still over 700 even after BK. Have had a A+ credit rating for 40 years till this past year.
                    Property should stand "good" for itself. Why not????
                    Any suggestions, folks?


                    "It's amazing the paths that our feet sometimes follow in life".

                    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.


                    • #25
                      I can help you with a loan call me....


                      • #26
                        I know this subject has been covered a thousand times, but upon reading through all the old posts, I need an answer to something I read.....

                        I plan on buying a house after filing 7 (in a year or two of course) and I read in an old post that you can't refinance a house 4-7 years after filing. Is that only true if you owned the house prior to filing, or does that hold true if you bought after discharge.

                        Also, are there any other weird loopholes or problems I may have (besides higher rates) that I might encounter after discharge?


                        • #27
                          using VA after BK how long and how much down?

                          Originally posted by lngwinded
                          Hello! I've been reading some of the messages out there.I was told that i eather had to wait for two years or come up with 20% for the down payment if I didn't want to wait the two year period.Now my situation is that I am getting ready to file and I am concerned wheather or not by filing will affect me useing my VA certificate.I am under the impression that I will not have to put any money down when useing it.I ordered a copy of my credit report from the 3 agencies and got a score from TransUnion,it shows my score at 523 right now will filing chapter 7 affect that as well? Please help!

                          I have the same questions. I am waiting for our BK to discharge the market is HORRIBLE right now. Houses are expensive here in Oralando, Fl My husband is a Veteran. Can we use the VA loan option? I would like to buy in around two years, so we can save around $9,000 for a down payment. Will that be an aduaget down payment? Will we have to pay closing? or will that make it so we can only buy less of a house?

                          Also I was looking into Modular Homes, would we be able to go that way? (not the mobile homes, the real homes shipped to site) the housing market is out of control here and we are on a Deputy Sheriffs pay. Pre BK our credit score was very low, will it go up right after BK (confused on how anyone could have a 600score and need to file BK if you are able to pay on your credit on time how and why would they file BK????)
                          Thanks for any advice

                          Teaching a child to not step on a catipillar is as beneficial to the child as the catipillar - auther unknown


                          • #28
                            For all of you here that are lenders or brokers...maybe you can answer this for me?

                            Who is pulling our leg?


                            I recently got my credit report from all three reporting agencies. Exp. Trans. and Exq. Then i went and got my FICO scores (that i had to pay for) for all three agencies. Thinking all was well, i went to apply for a loan to get a home. The loan officer pulled my credit and FICO scores and denied me. The scores that she recieved were 60pts lower than what i had, sooooooooooo, i went back and bought those FICO scores again, paying for each, again, and they were the same as what i had 2 weeks earlier. Now i don't know what in the world is going on but someone is pulling my leg. Has anyone else had this experience? Is there anything i can do to prove to the Lender that i am not pulling these FICO scores from my butt? Please Help.
                            Thank you


                            • #29
                              Mortage - refinace

                              It has been one year since our final court date, we wanted to refinance since our mortage is 9 1/2 percent and the rate last year was around 4 1/2 - 5.
                              We were talked out of it. We were told no one would touch us..

                              So what is the truth / scoop on that? Should we try to refinance? We have never been late on a house payment even during the bankruptcy.

                              Any suggestions.. and perhaps a good place to start what finance company?

                              We have a fixed rate mortage.. want to keep it that way.


                              • #30
                                The best place to get your real FICO scores is at
                                It costs $45 and you get all three files with actual scores. The ones sold invidivdually by each of the 3 players is there own score using their own formula.


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