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Buying a Home After Bankruptcy

by Janet L.
(FL)



I had to file bankruptcy because I had 3 vehicles in my name for my children who all went bust on me. The bankruptcy was dismissed a year ago. I have since purchased a car on a loan for $330 a month and I make $37,000 a year.

I want to purchase a 2 bed 2 bath home for $59,900 and can not find anyone to finance me. I will have about $6,000 to put down. Can you help? I had my credit score run 3 days ago and it comes back 597.

==========ANSWER==========

Janet,

With the current lending guidelines, very few if any lenders will loan money to you being just one year out of bankruptcy.

Your best bet is to continue to save money and pay your bills on time. Once you have been two years since the bankruptcy discharge date, look into an FHA mortgage.

I congratulate you for improving your financial situation so quickly! I just do not know of any lenders that will loan money to people who have not put in the two year waiting time.

While you are putting in the waiting time though, continue to improve your credit. Your goal is to get your score to 620. That will give you better choices and a better interest rate.

I have tried to help my own family do this sooner, but they too had to wait the two years.

Keep up the good work! You will be in a home soon.

Regards,
Jeff


Comments for Buying a Home After Bankruptcy

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Buying a Home After Bankruptcy
by: Flossie

My sympathies completely!!! My children have ruined my credit too. I now have to work hard to get my score up there so I can buy a house. The FHA option I hadn't considered. I will look into that for myself.

blaming your children???
by: Heather

Just want to say as parents you are the adults. None can appreciate anything unless they work for it. If you hand your children cars and clothes and ipods and everything else...of course their not going to be responsible about it.

That was your job to teach them. When its time for your kid to own their own car, then its time for them to get a job so they can get their own loan and pay for it. That way even if they cant figure out how to be responsible it now ruins their credit. All part of becoming an adult and learning how to struggle through opposing forces and figuring out a way to accomplish!

Wow... all in all...when you buy your kids cars then you are the one that ruined your credit, not them. Obviously they're gonna hold you accountable for their mistakes...you taught them that by holding their hand every step of the way and now blaming them for your mistakes.
What a sad lazy world you must live in! 8-)
Have a lovely joyous day! I'm going back to work now so I can pay my OWN bills! hahahah

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