1996 got health problem and need to stop working, having 5 kids and unplanned circumstances like this, the financial adviser advice us to file bankruptcy. really new to all this, so we took the advice but make it sure that after 3 years we will continue again to struggle for our children but unfortunately, i was diagnosed with cancer. we still plan to buy our own house and i will really try to work again. i just dont know how to apply after bankruptcy or if there would be any financial institution who will approve of us.
Originally posted 2009-12-01 12:42:49. Republished by Old Post Promoter
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It will definitely be tougher in this market. Lenders usually want you to be discharged out of your bankruptcy for a certain time frame (anywhere from 1-7 years). They also want to see re-established credit after the BK. Normally you need to have 3 open and active tradelines (credit cards, auto loans, etc.) for a certain time frame, again depending on the lender.
Your best bet would be to find a lender who specializes in FHA loans. They are less restrictive on credit scores and such. You will need to have a down payment though. Hope that helps!
You should start getting your first offers for home mortgages within 6 months of the bankruptcy discharge. You really can get a loan. it will be at a higher interest rate but you will move into your new home..