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Is there hope for us to be able to buy a house?

we don't have good credit and just got discharged from our bankruptcy 2 mths ago. We live in mm and my husband wants to buy a house instead of renting again. I just wanna know is this likely for our situation? Because I'm thinking no

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Anonymous

Asked by Anonymous at 12:03 PM on Mar. 23, 2011 in Money & Work

Answers (8)
  • Our situation: waited 6 years before attempting to buy a house after bankruptcy....during which time we had 2 more negative marks on our credit report (2 30 day lates).. It was a NIGHTMARE...BUT eventually we were able to buy. Definitely not the house of our dreams but something we could live in. I've never fought so long and hard for anything in my life, literally spending hours, easy 50-60 hours on the phone with multiple lenders, banks, etc over several weeks but in the end...we were successful. GOOD LUCK
    meooma

    Answer by meooma at 12:14 PM on Mar. 23, 2011

  • you will have to wait 7 yrs before buying a house
    wheresthewayout

    Answer by wheresthewayout at 12:21 PM on Mar. 23, 2011

  • I am not sure about where you live, but in Colorado, you can't buy a house until 2 years after you've been discharged from your bankruptcy. And then, I think in most cases, you HAVE to have 20% for a down payment. But no, after 2 months from filing bankruptcy, you will not be able to buy a house. However, you could look into a rent to buy option.
    MichaelsMom330

    Answer by MichaelsMom330 at 12:22 PM on Mar. 23, 2011

  • Unfortunately, The only way that you might qualify is if you can put more than 20% down and the rest of your credit is otherwise good for period of time or you can get a co-signer. Your credit needs to be in the 600's to qualify for most loans regardless and FHA only allows two blemishes to your credit in the last few years
    hotelmom123

    Answer by hotelmom123 at 12:25 PM on Mar. 23, 2011

  • Speak with a mortgage broker
    rkoloms

    Answer by rkoloms at 2:58 PM on Mar. 23, 2011

  • It doesn't sound likely you will be able to buy a house ~
    tasches

    Answer by tasches at 5:24 PM on Mar. 23, 2011

  • For most lenders you need to have your bk discharged for 2 years. At that time you will have the possibility of doing an FHA loan with 3.5% down payment. I have been the mortgage business for 13 years and I have not seen anything different.
    Kari126

    Answer by Kari126 at 10:23 PM on Mar. 23, 2011

  • rent to own is a very good option. My husband and I are in the process of going this route. Our credit is pretty bruised and we need about a year before we can apply for a loan. You can go online and submit a qualification app and the mortgage person can tell u what your credit score is and what you need to do in order to qualify for a loan. This is free. Good luck to you in your search.
    vgriffinmama

    Answer by vgriffinmama at 1:56 PM on Mar. 24, 2011

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