Property Q&A in Floresville>Question Details

Heather Durh…, Home Buyer in San Antonio, TX

We are wanting to buy a house with a little bit of land but we went through a bankruptcy a year ago. Is there any way we will be able to buy a house?

Asked by Heather Durham, San Antonio, TX Wed Dec 19, 2012

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You can still purchase a house but it will cost you more and you will need a 10-20% down payment min. Ask your REALTOR to pull listing of homes with owner financing available on the primary note. They won't care about your credit. They will only look at your income and down payment. Your interest rate will be higher usually between 8-10%.

Going this route is a guarantee for you to purchase a home. After a year or two you can refinance to a better loan. You will have payment history and you have past the penalty period for filin bankruptcy. You should use a credit repair guy during this time too to make sure you can refi.

The alternative is to wait 2 year and get the help of a credit repair guy so you can qualify for a conforming loan. The interst rate will still be higher though.

Good luck.

Chris Hutchinson
The Michael Group
0 votes Thank Flag Link Wed Dec 19, 2012
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