Mortgage after discharge

[NoName]

Realistically how soon after discharge can you get a mortgage?

[familyof7]

1 day out if your score is high enough but mine is under 500 after filing due to some creditors reporting agfter I filed and they were not supposed to and I am disputeing it but it takes time othewrs on the other hand come out with 550 or more and you can get approved at that rate.

[lrprn]

Realistically how soon after discharge can you get a mortgage?

MortgageBanker_OH says at least two years from discharge with minimum scores of 680 to get decent loan offers.

Of course, if you don't care about paying rip-off interest rates and outrageous balloon payments, then you can probably find something before then. However, even these sub-prime loans are drying up fast.

[freshstart06]

I am a mortgage broker (8 long years LOL) as well and you can get it one day out of discharge if your scores are high enough just like FO7 stated. I can post flyers from lenders if you guys like. This program is still available now, a lot of lenders are still doing this.

I am only out of the business on medical leave, I still get all the updates.

[halloweendmb1]

I am a mortgage broker and I gave someone a 30 yr fixed at 7% with Countrywide less than one month out. Now granted you will not get 100% financing no matter what your score is just out of BK. But it is possible

[lrprn]

I am a mortgage broker and I gave someone a 30 yr fixed at 7% with Countrywide less than one month out.

Just curious....how much did this person put down and what were their credit scores?

[cathywhite4495]

I would be curious about the flyers. I have a balloon payment onmy land contract that will be due 9 months after discharge. I'm debating if I should get on my knees and beg the owner to let me extend the contract or try to get a loan so soon after discharge. I will be able to put close to 10% down and I will be paying on student loans and my car (carried through the BK) so I'm hoping my scores will be OK.

[Logan]

Cathywhite,

Get the contract extended. A land contract is quite different from a mortgage on an owner occupied loan.

For a home loan you can get ok financing 1 day after discharge if your scores are good but after 2 years the doors open for loans with many more lenders.....

[freshstart06]

With a land contract it is better to refinance out oppose to purchase then you will not have to put anything down. If the land contract is recorded then it is easier to refinance but if it is not as long as you can provided canceled checks or bankstatements to show you have never been more then 30 days late you can refinance your land contract into your name.

[cathywhite4495]

My land contract is registered and I was planning on refinancing. Would my rates be the same as if I were doing a new purchase? I have 8% right now with the land contract. I wasn't sure if I would have to wait 2 years for a refi too? I'm pretty sure I could get it extended but I'm friends with the owner and I don't want to screw her over if she was planning on doing something with the money from the purchase. I will have money in the bank by the time that big payment is due - my priority right now is a savings account!!!! I won't be struggling to make all the cc payments and I want to put all that in the bank so I have money in case of an emergency. I was hoping that having good payment and a decent savings account would help but, again, I don't know if that would help enough if I am only 9 months out of discharge.