Would you loan money to a person like that??
Best advise, get your financial life in order, pay off all your bankrupt victims, save your money, rebuild your credit
With a land contract you will need about 10-20% of the home purchase price as a down payment.
Regarding your financial situation, having gone thru a bankruptcy will compound everything. I would suggest trying to buy a home on a land contract. You would be required to put down payment, make monthly payments over a period of time till you reach the point where you get your seller out of the deal. This type of transaction gives you the opportunity to buy a home sooner & have future ownership, with starting out with less credit. The only catch is you may have to provide a credit report. Good Luck!
If the bankruptcy was last year, then you will have to wait 2 years from the time the bankruptcy was discharged (emphasis on discharge) to apply for a loan. A couple months before that time, I suggest you speak to a loan officer and ask what programs might be right for you and what you need to do to re-establish your credit.
Best of luck to you!
Mortgage professionals what's your take on this?
I know of no banks that will loan with a BK within the past few years, some have to wait 5 years. I would suggest finding a home on land contract or lease with option. I would be more then happy to send you a list of homes like that.
If you can't get a seller to hold paper, their may be some ugly rat guys, but for now, work on fixing your credit.
I would suggest the lender below help you with this question. I have attached a direct link to his website. Let me know if I can be of more assistance.
Good luck to you.