Home Buying in 48221>Question Details

Caira, Home Buyer in Detroit, MI

Hi, Can I get a home loan for about 50k or less, I filed bankruptcy last year due to a car accident. I make 60k a yr. Kept my rental lease& car note.

Asked by Caira, Detroit, MI Wed Mar 19, 2014

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3
Caira,
Probably not, but only a lender can say for sure. It will depend on the type of BK, your level of re-established credit and the specific type of loan. In most cases it will take a minimum of 2 years, but like everything there are exceptions. A great lender will be able to review things with you and not only let you know if you qualify, but if you don't they will help you qualify sooner through the specific steps you may need to take to put your past behind you quickly.
1 vote Thank Flag Link Wed Mar 19, 2014
Caira,
You may not be able to get a traditional mortgage, but if you are working and have money for a down payment, you could get a land contract, which is a seller financed deal. If you are interested in exploring that option, feel free to contact me. I would be happy to discuss this with you further and answer any questions you may have. My cell is 313-903-8716. I look forward to hearing from you soon!
Flag Sat Apr 12, 2014
I'm sorry I dont know any lending company that will give a mortgage to anyone with a bankruptcy
a year ago. Go to a credit repair company, I've seen people get approved after three years.
0 votes Thank Flag Link Thu Jun 19, 2014
Do you have $3-5000 cash to play with for down payment? I can get you in on one of my property. with $3-5000 down. You can fix it and rent it out. it's duplex.
0 votes Thank Flag Link Mon May 5, 2014
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