Home Buying in De Soto>Question Details

Angie Smith, Home Buyer in Festus, MO

if i filed bankrupcy 1 year ago can i buy a house now

Asked by Angie Smith, Festus, MO Mon Sep 10, 2007

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You would have had a better chance 6 months ago. You need to sit down with a lender, or go to your local Mortgage broker. They will be able to go through the number with you.
You never know anything is possible. At least they can help you begin working toward your future.
2 votes Thank Flag Link Mon Sep 10, 2007
Mr.P, Other/Just Looking in Arizona
Bulls__T and yes you can buy a house. Pay all bills on time and save a little money and you can.
0 votes Thank Flag Link Tue May 24, 2016
One last thing Angie. The last person or entity I would take advice from would be a so-called mortgage specialist unless you vet them and get references. I mean seriosly who got us into the Mortgage Meltdown to begin with? Don't go to a bartender for advice on your indulgent drinking habits... get my drift? Seek the advice of a competant real estate attorney and finacial advisor before making any real estate/financial decisions.
0 votes Thank Flag Link Tue Jul 13, 2010
Sure, if you have cash. You might find a homeowner willing to owner finance. If you can find a lender the interest rate will be higher. You would be much better off waiting 2 years and the closer to or over 700 your credit score is the better you are. If your score is in the 500's, or even low 600's a traditional bank would not even look at you.
0 votes Thank Flag Link Tue Jul 13, 2010
as seen some so called agents automatically send you away without even researching the why you went into BK . so check it out with an agent that is wiiling to help you and get a good rate at that .
0 votes Thank Flag Link Tue Jul 13, 2010
The truth is unless you find a rent to own or a FSBO that's willing to owner finance I'm afraid your odds are not so good, however don't despair. I just purchased a $385,000.00 home using owner financing at a great rate with an assumable option. There are so many sellers willing to NOT loose their home or investment property that the ground is fertile for the aformentioned scenario. Just make sure you use a very competant real estate attorney to draft and or review the docs i.e.( the note,the loan agreement, the escrow requirements/details, the settlement workout, title search...ect.

Hope that helps.
0 votes Thank Flag Link Tue Jul 13, 2010
Maybe. Depending on the reason for the BK there maybe private investor loans available. Sure the interest rate and fees may be high. No guarantees in todays new regualted real estate world. The alternative is to rent.
0 votes Thank Flag Link Tue Jul 13, 2010
You can buy a house as soon as you find someone who will loan you money. Would you loan you money?
0 votes Thank Flag Link Mon Sep 10, 2007
Sure you can! But you're not going to be looking for a house but for the best terms! In our area of Northern California we have a 1/3 of our listings which our vacant. I could get you into any number of scenarios. My big question for you is why the BK? Is there some credit reestablished? And WHY DO YOU WANT to buy a home? I do not belive home ownership is for everyone. Some folks should rent! That's it! You went BK so the bigger question may be can you really handle your finances and live in a credit world?
0 votes Thank Flag Link Mon Sep 10, 2007
A bankruptcy is usually on your record for 7 years. Things will not look good for you for awhile! Sorry!
0 votes Thank Flag Link Mon Sep 10, 2007
No. Or another way to put it is "No."
0 votes Thank Flag Link Mon Sep 10, 2007
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