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Mn, Home Buyer in Greenville County, SC

Is it possible to purchase a home if you filed bankruptcy (chapter 7) in 2004?

Asked by Mn, Greenville County, SC Sat Feb 19, 2011

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Was the bankruptcy discharged...without your overall financials--consider visiting with any qualified loan officer(s)-- after reviewing your information, overall financials, credit, debt, etc., a determination on qualification can be made, the type of loan, how much, how much down, etc.; if you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future.
2 votes Thank Flag Link Sat Feb 19, 2011
Yes, in addition to what Anna suggested, you could also buy a property with creative financing. Some sellers who sell with creative financing (myself included) will also work with mortgage professionals exactly as Anna described. The result is that you'd be able to buy a new home, continue to work on your credit, and cash the seller out over time.
1 vote Thank Flag Link Sat Feb 19, 2011
Probably, yes. As long as you qualify in every other respect. Check with a qualified mortgage professional. If you don't know one, call a local realtor and they will be happy to introduce you to someone trustworthy. However, it is my understanding that bankruptcy, while it may stay on your credit report for 7 years, only really affects your ability to purchase a home for about 3 years. It's not nearly the bugaboo the press would have you believe. We all agree it is an option of last resort, as it should be and the damage to your credit and your ability to borrow money is, indeed, significant and not to be wished for, but nothing lasts forever.

Talk to a qualified mortgage professional and let us know how it goes. Good Luck!
1 vote Thank Flag Link Sat Feb 19, 2011
I am a local investor here in Greenville SC. I have a program that may be of interest to you that can get you in a home of your choice today and we will help you to rebuild your credit profile so that you can qualify for traditional financing.
Find more information at the web address below and click on the buyers tab. Also review the information under our Home Finder Program tab.
Fell free to contact me at any time and I would be happy to discuss any questions you have about our programs.

Wes J
0 votes Thank Flag Link Tue Feb 22, 2011
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