Even with the mortgage meltdown, can i still get a 100% home loan after 1 year post bankruptcy?

Deal Score0

ok. i dont need no gay answeres or smart *ss answeres here. i know when my bankruptcy is 2 years old my credit score will be close if not in the 700’s and i will be able to get a fha loan with 3% down and very reasonable interest rate. i am looking for finance now with a median credit score of 624….can anyone point me in the right direction?

6 Comments
  1. Reply
    The Professor
    April 29, 2011 at 11:09 pm

    Sorry to break it to you, but you don’t have a prayer of getting any legitimate lender to grant you a mortgage at this point.

  2. Reply
    mchiefs40
    April 29, 2011 at 11:26 pm

    I don’t think it is possible to have a credit score above 700 with a bankruptcy as recent as 2 years ago. However if it were, you would receive significantly higher rates as someone with the same score without the bankruptcy. The best way to level the playing field (regarding interest rates) would be to make a significant down payment that is above 20%.

    There are no (respectable) banks that will let you do a 100% mortgage regardless of your credit history. It is considered a moral hazard because if you decided to default, you have nothing to lose. A home that is financed 100% is much more difficult for a bank to recoup their money from the loan as opposed to a property that is 80% financed. That is part of the reason the banks are in trouble now (along with other factors). The property may no longer be worth as much as the mortgage, so they are forced to take a loss.

    You’d probably be better off taking the fha loan if you cannot come up with a sizable down payment for the home. Even if you were to find a bank that offered 100% financing, the rates would be ridiculously high.

  3. Reply
    sweetdreams48442
    April 30, 2011 at 12:10 am

    There was actually a bill signed and passed today by the President that is to assist buyers more in our lovely economy. Definitely talk to your local bank or google search “house rescue bill” and there is more information.

    I am not 100% sure on what it is fully about yet but there may be some information to assist you with what you need.

    In regards to what someone else answered to your question, it is possible to have over a 700 credit score with a bankruptcy from close to over 2 years ago. My husband’s score is actually better then mine by about 10 points and he has a bankruptcy from 3 years ago and I have always had good credit. The reason being is because I hold all the debt solely in my name and about 2 years ago, I placed him as a card holder on my credit cards, which raised his score. Since my debt to income ratio is higher then his – technically he does not have any debt reporting – his score is higher and over 700.

    Also google search “mortgage with bankruptcy and credit score 624”

  4. Reply
    Fati C
    April 30, 2011 at 12:58 am

    hello
    If you have a good job or repayment plan, you can ask for a loan at your credit union or Prosper. People may help you. More information at http://www.acreditlibrary.com/prosper.html and http://luccu.org

  5. Reply
    Charles97
    April 30, 2011 at 1:41 am

    What city and state you live in? It’s based on other stuff too not just your credit score. you can try out this web site and see if you qualify.

    http://www.amerisave.com/partner/chongthong

  6. Reply
    Mike J
    April 30, 2011 at 1:58 am

    Come let me help you ok
    EURO SAVINGS AND LOAN SERVICE

    I Mr JAME ANDERSON of EURO 0SAVINGS AND LOAN SERVICE we give out loan to Business Men and women who are into Business and need money to expand their business or in starting a new business, We give out long term loan for 3years to 50years maximum if you are interested in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from we and our intrest on loan is the cheapest in the world, Loan is given out in GBP Pounds and $ US dollars the maximum I give is 15,000000,00 both in pounds and $ US and the minimum 5,000,00 pounds and US$ so if really you are interested email me for more info on how the loan can be transfered to you. There is one Question i have to ask ,are you a serious individual that when you get this loan you will be able to pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are intrested you will get the loan with out problem and for your information if you like to take a loan above $ 15000000,I can give only if you are in one of these cartigories: A Manager of a company
    A private Holder
    A broker in banks
    A director in any office or company
    A high investor of a company and others.

    If you are one of the following you can get $ 15,000000, as loan or if personal loan you can request for 5,000-1,000000, as loan. as soon as you
    Send these info it is important in processing your loan immediately. Mind you, loans are given to every part of the world only if i see you have information backing your identity and most importantly you must be honest to pay back after duration.If you are interested you have to send the amount you need as loan so i could give you the terms and condition on the loan for your information loan are given to every part of the world to people who intend to be enterprenuers who have the drive to successed if you are honest apply for the loan now through our loans agent officercontact euro_savings_loan@live.com

    Best regards

    Jame Anderson

    Leave a reply

    Register New Account
    Reset Password