Posted on: 28th Jan, 2009 08:13 am
Hi,
I filed banruptucy two years ago this coming May of 2009. I would like to buy a modular home in my neighbor hood for $93,000 My combined income is $63,000 would I qualify for a loan
Thanks
Michael Cain
"mcain@sopris.net"
970-309-8340
[size=9:2218c449ae][color=Red:2218c449ae][Link deactivated as per forum rules. Thanks.][/color:2218c449ae][/size:2218c449ae]
I filed banruptucy two years ago this coming May of 2009. I would like to buy a modular home in my neighbor hood for $93,000 My combined income is $63,000 would I qualify for a loan
Thanks
Michael Cain
"mcain@sopris.net"
970-309-8340
[size=9:2218c449ae][color=Red:2218c449ae][Link deactivated as per forum rules. Thanks.][/color:2218c449ae][/size:2218c449ae]
michael, fha requirements for lending require that a bankruptcy discharge be at least 2 years in the past for you to obtain a new loan. that's much more forgiving than the conforming guidelines.
was your discharge 2 years ago in may, or was that your filing date? this is critical information. if the discharge, then you'd seemingly qualify for a new loan. this is predicated, as well, upon your having reestablished good credit in the meantime and, of course, reasonable credit score.
your income certainly would qualify you for a loan on a $93000 purchase price.
was your discharge 2 years ago in may, or was that your filing date? this is critical information. if the discharge, then you'd seemingly qualify for a new loan. this is predicated, as well, upon your having reestablished good credit in the meantime and, of course, reasonable credit score.
your income certainly would qualify you for a loan on a $93000 purchase price.
Thanks George,
May would be the discharge, I don't know my credit score, I have no credit cards or current loans, and I rent a townhome. So I have not restablished any type of credit, as far as I know.
Thanks
Michael Cain
May would be the discharge, I don't know my credit score, I have no credit cards or current loans, and I rent a townhome. So I have not restablished any type of credit, as far as I know.
Thanks
Michael Cain
Hi mcain,
As it was discharge date, then there are chances that you may qualify for a loan. But it will also depend upon your credit score. You can contact the credit bureaus and get a credit report of yours. But again you have mentioned that you haven't established your credit which may go against you. You should have tried getting some secured credit cards which would have helped you in improving your credit.
Thanks
As it was discharge date, then there are chances that you may qualify for a loan. But it will also depend upon your credit score. You can contact the credit bureaus and get a credit report of yours. But again you have mentioned that you haven't established your credit which may go against you. You should have tried getting some secured credit cards which would have helped you in improving your credit.
Thanks