Posted on: 13th Apr, 2010 03:49 pm
I would like to get a mortgage for a mobile home for $50,000; is this possible when I am currently in bankruptcy and forclosed on a house 3 years ago?
Hi cesandrasil,
As you are in bankruptcy right now, lenders will not be ready to give you a mortgage to buy a mobile home. Even after your bankruptcy is discharged, you won't be able to get a loan. If you've filed Chapter 13 and want a FHA loan, you'll have to wait for 1 year after the discharged. If you want a conventional loan, then you will have to wait for 2 years after the discharged.
In case of Chapter 7, you'll have to wait for 2 years after the discharge to get a FHA loan and 4 years after the discharge to get a conventional loan.
Thanks
As you are in bankruptcy right now, lenders will not be ready to give you a mortgage to buy a mobile home. Even after your bankruptcy is discharged, you won't be able to get a loan. If you've filed Chapter 13 and want a FHA loan, you'll have to wait for 1 year after the discharged. If you want a conventional loan, then you will have to wait for 2 years after the discharged.
In case of Chapter 7, you'll have to wait for 2 years after the discharge to get a FHA loan and 4 years after the discharge to get a conventional loan.
Thanks