I live in NY and my husband and I want to buy a house. Our bakrupcy was discharged in march of 2008 ...
I live in NY and my husband and I want to buy a house. Our bakrupcy was discharged in march of 2008 we have "fixed" our credit report as best as we can. However our credit score keeps going down. We have no auto loans and about 5 credit cards (total credit on all of them is around $3,700.00). We know that we can not get an FHA loan and that is fine but we found our dream house (app value $250,000.00) and they are only asking $210,000.00. Is there anyone who offers regular loans even if the interest rate is higher?
Rent a home with an option to buy as you continue buildding your good credit. Chances are the owner may finance for you and you will call that your home for years to come.
It is very unlikely kust coming out of bankruptcy, you will be required to put 30 to 35% down in order to get a loan. you are right you will not be able to get an fha loan for probabily 7 years. your best bet is to check with a local and truste mortgage company and ask to be prequalified if you have the savings for a downpayment.
Ehan,
With your credit history and the fact that your credit score remains heading in the wrong direction it does not look promising. With a balnce on your credit cards, you are not painting the right picture.
Our advice is for you to meet with a financial advisor for a serious heart to heart about what you should be doing to fix your problem.
Good luck,
Save your money. When you have 210K buy that house. Good Luck
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