Now what will we all do???

[TheBrokeCouple]

Wow,

After reading the paper, and hearing the news these past few weeks, it makes me wonder what is going to happen to all of us new "Bankruptees" when we do want to purchase a home.

It looks like the subprime lending market is going to squat....so I'm sure every other lender is going to tighten up their belts, demanding perfect credit.

It's kind of scary...

Any thoughts?

TheBrokeCouple

[BassBoy]

It is not necessary to have perfect credit to get prime rate home loans. Normally, you need to wait 2 to 3 years after your discharge and you may qualify for these prime rates if you've done some rebuilding and have had a good payment history for those 2 to 3 years.

[tay666]

A decent down payment will probably go a long way to opening up options for a mortguage also.

[rrockinggramma]

I have been speaking with a bank loan officer in my town that specializes in FHA. He told me that FHA is trying to keep their requirements somewhat loose to "catch" those of us who will not be able to do conventional for a few more years. So don't give up hope.