Home Buying in Fort Wayne>Question Details

Hoosier, Home Buyer in 29401

Good income, prepared to pay 20% down but 2008 bankruptcy. Mortgage possible?

Asked by Hoosier, 29401 Thu Aug 11, 2011

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5
You may be able to obtain a mortgage, depending on several factors...
1) If your bankruptcy has been discharged
2) Your credit score is high enough
3) You do not have any additional judgements/charge offs/etc.

You should contact a local lender, and let them run your credit through the 3 credit reporting agencies to give you the green light on purchasing and to give you the price point you are able to purchase.

Good luck!
1 vote Thank Flag Link Thu Aug 11, 2011
Hoosier,
Did you file Bk7 or Bk13. If Bk13, you can get a mortgage, if Bk7 it depends upon why you filed bankruptcy.
In either case you need to have good credit, enough of a down payment and income to qualify. Speak to a mortgage officer to get your options.
0 votes Thank Flag Link Thu Sep 1, 2011
If you've got a 20% downpayment on a home, keep it. Home prices are only going down. Rent. Rent below your means. Pay no insurance, interest and make no repairs. Keep saving that cash. Home prices are gonna slide for at least the next 5 years. If at all possible, wait.
0 votes Thank Flag Link Thu Sep 1, 2011
Additional Judgements will hurt you greatly, if the score is up and the history of payment after the Bankruptcy is excellent, a bank may consider, may consider is still the best answer here! But the good news is that if all is good, then 2012 could very well become a possibility!
0 votes Thank Flag Link Fri Aug 19, 2011
I will second what Vicki said below. It MAY be possible. Your best bet would be to talk with a lender to see where you stand. Please let us know if you would like some info on a few of the lenders we use. Hope to hear from you soon!
Web Reference: http://ChristiansenTeam.com
0 votes Thank Flag Link Fri Aug 19, 2011
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