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Soon i will be approaching my Bk Dc 1 year anniversary (yay) i have now rebuilt a good amount of tradelines after i figure out if im buying my lease out or financing anthor vehicle i will be done app or anything so no 1 year app spree for me. ( too many apps from last year and my rebuild) now im interested in a mortage. I know there is a mortgage section. Is there a guide something like the bk to 700. That ppl out of bk can follow? SM any thought? Those of you who had success what do i do now?
Rebuilding your credit profile is but one of many factors that will determine your chances of qualifying for a home purchase mortgage. Your post does not specify the timing for your auto purchase/finance. AFter you have resolved your car issue, then look at your:
Income - what percentatge of your gross monthly income is available to service the mortgage? Should be approximately 43% [and 45% for ALL debt sevicing]
Use $7/$1k of mortgage to get you a ballpark estimate of how much mortgage you may qualify for. That allows you to figure out how much house you can afford to buy.
Employment - How long have you been in your current job? Current field? W-2 or 1099?
One year from bankruptcy limits the mortgage products available to you. That topic is well documented in this forum. Do some search and reading. I believe that the education you gain from personal research followed by specific questions is much more valuable than anyone's guesses bsed on limited knowledge of your personal situation. Alternatively, find a loan offier and apply for a mortgage. Doing so will give you a quick and reliable answer.
Thanks ez, im looking to obtain a mortgage 2016 so id be 3 years post bk.
So ill be gardening and keeping my utilization down till then. Saving for a down payment. My income is good and hopefully will remain the same.
I did the same thing. Had my ch 7 discharge in May 2013 and I'm buying ahouse now under the FHA's Back To Work program. You have ample time to get your credit profile in good shape so keep at it. Let us know how you are doing along the way. Sometimes it is good to share your interim achievements so folks can help you stay the course or make minor course corrections so you arrive exactly where you intend to arrive. All the best.
That is awesome!!
My thought is:
If you like your car, buy it outright (from the lease), pay cash, and repeat this phrase 5 times/day for a year: "I will never EVER lease a car again lest SoulMaster track me down and slap me upside the head with a wet mackerel."
If you can't afford to buy your car outright (no financing), or simply don't like it anymore, use the Dave Ramsey used car-buying plan until you have a good CPO car that you're happy with that's full of warranty (usually 3 years or so). Seriously, no one in the middle class should ever buy a new car, and no one (no one at all) should ever finance a car. Anyone who disagrees that you can get a "good enough" car for <$500 needs to watch more Top Gear (BBC version is better than American garbage version).
Cheers,
-SM
It is very very hard to get a mortgage so close after bankruptcy unless you have a really good reason on why you filed (tons of medical bills and unemployed) and then you have rebounded with flawless credit (no late payments), bank statements (no overdrafts), and a credit score north of 640 (at least). I have not event mention DTI, employment, income, etc.
Even with all of that, it will be hard to find a lender willing to work with you. I had to make tons of calls until I found one. Another hurdle you might have is that if you included a house in your bankruptcy, most want 3 years until it is transfered out of your name (which if you included a house, it is probably still in your name today). Good luck.
@bracketbuster wrote:It is very very hard to get a mortgage so close after bankruptcy unless you have a really good reason on why you filed (tons of medical bills and unemployed) and then you have rebounded with flawless credit (no late payments), bank statements (no overdrafts), and a credit score north of 640 (at least). I have not event mention DTI, employment, income, etc.
Even with all of that, it will be hard to find a lender willing to work with you. I had to make tons of calls until I found one. Another hurdle you might have is that if you included a house in your bankruptcy, most want 3 years until it is transfered out of your name (which if you included a house, it is probably still in your name today). Good luck.
I was current when I filed my 13 in 2009... I was unemployed and tired of borrowing from Peter to pay Paul while living off ramen noodles drawing a pathetic $300 weekly UI check.
My plan is to buy something in 2016... when my 13 drops off my report and I have 0 inquiries. I'm gardening till then... and have no plans to app for anything other than refinancing my car loan with my credit union BECU in the next 30-60 days. My rebuild is going well... my history is flawless since discharge and I have already gotten auto-CLI's from CapOne and Barclay. I'm in the door with BECU and will use them for both my car refi and mortgage plans.
My down payment plans are in full motion... I am currently renting a 3 BR place for $1500 a month... and I have 2 roommates paying $750 each. I'm banking the money I don't pay in rent each month.