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Posted in Bankruptcy
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Question By
Iceb

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0 People Helped
How can I buy a house after bankruptcy

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Bought a House

Helpful to 16 out of 17 people

Bought a house 3 years ago with a USDA loan and have a bankruptcy from 2008 that was with 100% financing only had to put 500 in an escrow account

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8 People Helped

buy a house

Helpful to 8 out of 9 people

You can go through FHA (not gov) to buy a home with a credit score of 580. They as if you filed bankruptcy also. It does not matter, because of the mess in 2008 lenders are out there, just have to hunt. 18mths is the longest now.

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2 People Helped

Not easy

Helpful to 2 out of 2 people

I managed to do this, but it took time and it was not easy. Since the mortgage fiasco they have cracked down on buyer qualification. Once my score went above 620, and it had been a few years, I finally qualified at a good interest rate.

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1 Person Helped

Helpful to 1 out of 1 people

i bought a building in banruptcy just had to get the bankruptcy jude to sign off on my payment history with them and i was able to buy thru a fha loan 

a 2 flat in chicago with very little down. no problem  this was in 2016

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Helpful to 2 out of 7 people

My understanding of how bankruptcy might affect a house purchase involves checking one's credit for the previous ten years to make sure a bankruptcy is not on file.

Reply by
yackyack2000

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8 People Helped
Helpful to 8 out of 8 people

I will be 1yr out of BK in July 2017 and have spoken to a few lenders and the new regualtion laws require a 2yr disharge date before u can buy a home. Even FHA requires 2yrs from the date of discharge to finance your new home.and yes credit score can be as low as 580.  I just spoke to Quicken Loans a few days ago who is now a lender / servicer and they have a program called Advantage Credit and it only requires 1yr out of bk from the discharge date and a 640 credit score, and u can have 1 x 30 day late. If u really are pressed to get yourself a home u may still have the option to go the untradtional lending way by contacting the hard money lender market.

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