Posted on: 11th Apr, 2010 02:30 pm
I filed bankruptcy for outstanding medical bills just about five years ago now. my first question is how much will this effect getting a home loan and and how will it effect my interest rate. Since my bankruptcy I have perfect credit with 0 blemishes on my credit report and have somewhere in the area of 700 as far as a credit score now with very little debt.
my second question is would I be better off waiting a couple more years pushing my bankruptcy back to seven years before buying a home?
my second question is would I be better off waiting a couple more years pushing my bankruptcy back to seven years before buying a home?
Hi mikemorrison,
As 5 years have already passed since you had filed bankruptcy, it will not affect you while you apply for a loan. You'll be receiving the present interest rates available in the market while you apply for a loan. You do not need to wait for seven years in order to buy a property. Normally, a person will be able to get a loan after 2-4 years of a bankruptcy filing.
As 5 years have already passed since you had filed bankruptcy, it will not affect you while you apply for a loan. You'll be receiving the present interest rates available in the market while you apply for a loan. You do not need to wait for seven years in order to buy a property. Normally, a person will be able to get a loan after 2-4 years of a bankruptcy filing.
there's no need to wait. your handling of credit in the last 5 years has enhanced your credit score, and you'd qualify (assuming all else is fine) with what would seem to be relative ease.
Rates are low now. Buy now.
As noted above, you can buy now. Do it.
As noted above, you can buy now. Do it.
