Im a first time home buyer and have recently filed bankruptcy, can I still get a loan with a good interest rate and will it include closing costs

Asked by Cecilia, Atoka, OK Mon Jun 14, 2010

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FSBOsuccess, Home Seller, 28590
Tue Jun 15, 2010
Why would you even think of going into debt again when you have just walked (or will walk) away from debts you have? You need to learn to handle your finances and credit responsibly.
0 votes
Lew Corcoran, Agent, Easton, MA
Tue Jun 15, 2010
If you filed a Chapter 13 bankruptcy, you will have to wait for at least 1 year while you're in a repayment plan before you are eligible for an FHA loan. If you filed a Chapter 7 bankruptcy, you will have to wait at least 2 years from the date of discharge before you are eligible for an FHA loan. During that time, you can not have any late payments on any accounts, and you must re-establish your credit.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Jun 15, 2010
If you just filed bankruptcy, you wont be able to do anything until you are discharged from bankruptcy. After bankruptcy unless you have a great deal of cash to put down, you may by limited for at least the first 2 years. Your best bet is to check with a local and trusted mortgage broker. they can prequailify you at nio costs and let you know what you will need to do and how liong it will take before you can get a mortgage.

you may want to consider a lease purchase so you have something you can work towards buying. It is better than just paying rent...

http://www.trulia.com/blog/scott_godzyk/2010/06/rent_to_own_…
Web Reference:  http://www.ScottSellsNH.com
0 votes
Bill Eckler, Agent, Venice, FL
Tue Jun 15, 2010
You are probably looking at a period of at least four years to qualify for a loan after experiencing a bankruptcy. Many individuals that have had similar situations to yours are looking for lease options as a home ownership alternative.

A lease option is the right to purchase or lease a property upon specific terms agreed to by the parties involved. The owner will generally request a sizable deposit amount to protect their interests.

Best wishes,

Bill
0 votes
Michael Frie…, , 91362
Mon Jun 14, 2010
Cecelia,

For all bankruptcy actions, the elapsed time period to reestablish credit will now be measured from the bankruptcy discharge or dismissal date. For all bankruptcy cases, other than Chapter 13 cases, the time period to reestablish credit remains at 4 years. For Chapter 13 cases, a distinction is being made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The updated policy recognizes the fact that borrowers have reestablished credit through the successful completion of a Chapter 13 plan and subsequent discharge by requiring only a 2-year time period to elapse. A borrower who was unable to complete the Chapter 13 plan and received a dismissal, however, will be held to a 4-year time period for reestablishing credit.

I hope this answers your questions-

Regards,

Michael Friedman Broker 0977642 and NMLS 21162
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