Posted on: 16th Jan, 2011 10:44 am
Can I qualify for a loan with 3% down for primary residence if I have filed Bankrupcy in 2008.
Hi Guest,
After a bankruptcy discharge, you'll have to wait for 2-4 years in order to get qualified for a loan depending upon the type of bankruptcy you filed.
If you want to qualify for a conventional loan, then you will have to give a down payment of 20%. If you cannot offer this down payment, then you'll have to go for a private mortgage insurance. If you want an FHA loan, then you should give a down payment of 3.5% - 5%.
After a bankruptcy discharge, you'll have to wait for 2-4 years in order to get qualified for a loan depending upon the type of bankruptcy you filed.
If you want to qualify for a conventional loan, then you will have to give a down payment of 20%. If you cannot offer this down payment, then you'll have to go for a private mortgage insurance. If you want an FHA loan, then you should give a down payment of 3.5% - 5%.