Posted on: 17th Oct, 2011 11:38 am
I'm retired $40,000.00 year retirement income with 1 car payment (213.00 per month) Filed bankruptcy 2010, discharged 08/25/2010. (forced to retire)
My credit scores are 647-679-691 at present, my question is , can I possibly qualify for a home loan 18 months after discharge??
My credit scores are 647-679-691 at present, my question is , can I possibly qualify for a home loan 18 months after discharge??
Hello thomas,
Hi. There are "No Credit Check Mortgages" but they have a higher interest rate and you have to put 25% down on the price of a house.
Yes you can. The key is ....did you include your installment loans (autos/previous mortgages) in with your bankruptcy? If not, they lender will look favorably on that. If you did, then your best way to rebuild your credit is to put as much money into CD's at your bank and then borrow against them. As long as they report the loan to the credit bureau, you will have installment credit started again. Don't pay them off early. Lenders are looking for a payment history.
:idea:
Hi. There are "No Credit Check Mortgages" but they have a higher interest rate and you have to put 25% down on the price of a house.
Yes you can. The key is ....did you include your installment loans (autos/previous mortgages) in with your bankruptcy? If not, they lender will look favorably on that. If you did, then your best way to rebuild your credit is to put as much money into CD's at your bank and then borrow against them. As long as they report the loan to the credit bureau, you will have installment credit started again. Don't pay them off early. Lenders are looking for a payment history.
:idea:
Most traditional lenders won't give you a loan I'm affraid, you'd need to wait out the 4 years in most cases. there are specialty bad credit mortgage lenders, but as sabrinatoss mentions, expect to pay more if you go through one.