Financing in Bunker Hill>Question Details

Tiffany Broo…, Home Buyer in Bunker Hill, WV

Have a bankruptcy, discharged almost 2 years, but have been working to re-establish our credit. Possible to get a loan?

Asked by Tiffany Brooks, Bunker Hill, WV Tue Jan 31, 2012

Have a bankruptcy, discharged almost 2 years, but have been working to re-establish our credit. We have a couple credit cards always paid on time and no outstanding loans...we would like to buy again, are we just dreaming or is there a possibility of getting a loan???

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3
No your not just dreaming Owning a home is very possible, usually you will have to wait 2 years and have a good credit score, no late payments and even better if you paid off a loan and saved some money. I would suggest talking to a loan officer about getting pre quailfied for a loan or at least they can point you in the right direction. Of couse you need a good Real-estate agent also.

Louise Nicholas Realtor, GRI,ABR
Century 21 Braddock Realty
0 votes Thank Flag Link Wed Feb 1, 2012
Here are some rules on buying a home after bankruptcy: http://www.trulia.com/blog/elliott_r_oliva/2011/10/fha_rules…
0 votes Thank Flag Link Wed Feb 1, 2012
Tiffany,
Great job getting back on your feet. It sounds like you are doing the right things, reestablishing credit and paying on time. The general rule is 2 years post BK before most lenders will consider a new loan. I would continue to do what you are doing, save up as much down payment as possible and meet with a lender once your 2 year window is up. Let us know how it goes.
0 votes Thank Flag Link Tue Jan 31, 2012
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