Posted on: 23rd Jan, 2011 06:20 am
hi,
my husband and i claimed chapter 7 bankruptcy in 2010- since then we have been able to get an automobile loan and a credit card ($750 limit- 0 balance) our combined income is $80 k and we only have about $5k for a downpayment.
does anyone know of lenders who might be able to finance us (maryland).. or is this something we will just have to wait the 2 years plus a larger downpayment?
thanks
my husband and i claimed chapter 7 bankruptcy in 2010- since then we have been able to get an automobile loan and a credit card ($750 limit- 0 balance) our combined income is $80 k and we only have about $5k for a downpayment.
does anyone know of lenders who might be able to finance us (maryland).. or is this something we will just have to wait the 2 years plus a larger downpayment?
thanks
Hi mrsvieiragomes,
After a Chapter 7 bankruptcy discharge, you'll have to wait for 2 years to qualify for a FHA loan and 4 years to qualify for a conventional mortgage. Before that, I don't think lenders will be ready to give you a mortgage.
Thanks
After a Chapter 7 bankruptcy discharge, you'll have to wait for 2 years to qualify for a FHA loan and 4 years to qualify for a conventional mortgage. Before that, I don't think lenders will be ready to give you a mortgage.
Thanks