What are the chances of getting approved for a home loan after recently filing bankruptcy? Would one be better off to do some sort of debt?

Asked by Lynn York, Little Elm, TX Wed Feb 19, 2014

consolidation before bankruptcy, to improve odds of being approved for a loan??

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Josh Barnett, Agent, Chandler, OK
Fri Feb 28, 2014
Contact you loan officer at your bank and discuss in detail.
0 votes
Jackie Short, , Oklahoma City, OK
Fri Feb 28, 2014
If your bankruptcy was recent, you will have to wait approximately 2 years. Use this time wisely to build good credit. However, you may find an owner-finance situation that will excuse your bankruptcy if you have a very good explanation such as an unusual medical problem, etc. You may want to talk to a realtor who can help you find a motivated seller who will carry the note.

P.S. If you are a card carrying American Indian, you may be eligible for a Section 184 Loan. Again, you will have to show a good reason why you claimed bankruptcy and also show you have been building good credit since the bankruptcy. Good luck with your endeavor.
0 votes
Janice Lupia, Agent, Ashburn, VA
Wed Feb 19, 2014
I highly recommend you talk to a loan officer. They will be able to look at your financial situation and be able to give some recommendations.
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