Buying a house after Bankruptcy

[apatterson4630]

I would start by pulling all 3 of your credit reports. If you go to a mortgage broker they will usually counsel you a bit. Don't be suprised if a lot of the things you filed BK on are still on your report. Start now because it will take time to dispute these items and have them removed. A good way to get your score hiked up is to have a friend or relative add you as an "authorized user" on their oldest credit card. ***BE CAREFULL WITH THIS THOUGH!!! Make sure they have not been late in the past 5 years or better and make sure they dont owe more than 50% of their credit limit. My mom did this for me right out of BK and my score raised 50 points (she added me to 2 cards). Even if you dont use the cards or ever even see the cards this will help tremendously!!! Mortgage lenders look at scores, scores, and scores!
This is a start. One other way to increase your score is to go to a local credit union and ask if they offer "secured loans". My credit union does. I put $500 to secure a $500 loan. I gave them my money and they gave me a loan for my $500. All the money you pay monthly goes into a cd that gains 2% and I only pay 4% interest on my loan. Much better rate than one of those high risk credit cards and this loan has a much better impact on credit than those credit cards!

[been there]

Scnurse.....try NLMC. I just got an FHA loan 12 months out of BK at 6.5%. They are a bank and lend there own money through FHA. They did wonders for me!

[bunks]

usda rural

We have a loan through usda and the rates are usually very good. it is a split mortgage, almost like an 80/20. the first part of the mortgage(the smaller portion) is through one of the banks that works w/them and second is usda. the only thing is you can't get a home equity loan when you have a mortgage through them and you do have to pay back what ever the subsidy is when either you sell your house or refinance. If it weren't for usda we would never have been able to get the house we got. they allow you to borrow more than if you went to a bank because they are subsidising a portion of your mortgage.

has anyone had any experience with the usda rural program? we just got our discharge. yyyyyyyyyaaaaaaaaaaaaa and a lender we were talking to said we may qualify for it

[kclayton74]

I haven't posted in a while. However, I just closed on a property 5/08/06. I was discharged in September , but offically closed 1/26/06. I started the process of cleaning up credit in the month of feb. Someone was really looking out for me with cleaning up my credit. I didn't have too much to clean up. I'm FHA fixed 7.00. I'm going to make good payments and see if I can get below 6.00 after a 1-2 years. It can happen to you!!!!!

P.S I was in a chapter 13 and believe it or not, making timely payments of on my chapter 13 helped me out because, I didn't have any credit, just traditional credits.

[miss puff]

I was wondering on any of you that are qualifying for loans let a house go during your bankruptcy? I ask because we are filing in July and can't decide if we should let the house go and just rent for awhile. Was wondering if foreclosure was on your record too? Thanks

[aa06a47]

Assuming rates are actually "lower" in two years. The way the Fed is going, in 2 years, 9% may sound like a great rate.

[SCNurse]

Hi Debtisbad,

I just graduated nursing school. I take boards next week. I've worked as a student nurse tech while I was in school and I have really enjoyed it! The opportunities in SC are pretty good, but I'm sure they are good everywhere because of the nursing shortage! Good luck with school!

[cnet2k]

Hi SC Nurse,

There is good news for you. I am an underwriter for a mortgage co. in CA and can tell you that many Sub-prime lenders will do your loan. There are even some that will approve you even if you are 1 day discharged. Of course, your rate will be on the high side, but if you are desperate for a house this will the only route. You can refi it again after your bk is "seasoned" for a lower rate.

[debtisbad]

Oh one more thing SC Nurse. They were talking about people who filed on Clark Howard. Said it was fine to get a mortgage with bk today because rates are so low that it really does not make that much difference. I can vouch for that. My first home loan was 8.5 and I thought it was great! 9% sounds good, and you can refi later. Good luck!!!!

[debtisbad]

SCNurse,

Awesome news for you!!!! I also wanted to mention that I am starting nursing school. I take it from your "name" that you are a nurse. Do you enjoy your nursing career? Are opportunities good in SC? I just relo'd from Georgia and desparately miss the south!!! I am outta the midwest when I finish school.

[fsugirl]

WOW ! That's awesome ! So the whole 100% is 9 % interest ?? That's great ! Ours is an 80/20 loan and the interest on the 2nd mortgage is high

CONGRATS TO YOU !!! I am already packing boxes and getting ready to move..We close in less then 2 weeks !

[SCNurse]

100% loan. They said we wouldn't have to put anything down.

[fsugirl]

SC-Are you doing 100% loan or are you putting money down ??

[SCNurse]

I talked with a mortgage company today. I was prequalified for a loan with a 9% interest rate. Not that great, but at least I can refinance.

[rst6pac]

has anyone had any experience with the usda rural program? we just got our discharge. yyyyyyyyyaaaaaaaaaaaaa and a lender we were talking to said we may qualify for it