Posted on
May 31, 2008
at
2:22 pm
I have heard and am hearing of people buying homes within a year or two of a bankruptcy or settlement. If this is accurate can anyone tell me how this works. Specifically, so I don't get the major screws put to me;1. How much of a down will I be likely to need?2. What kind of an interest rate am I looking at ?3. Where would someone with a past credit problem go for a loan?4. If my wife has good credit and I have poor credit am I doing more damage by being a co-borrower on the loan ?5. Any other costs or pertinent information for someone wanting to buy a home post credit issues?
Posted on
February 8, 2010
at
4:33 am
2. What kind of an interest rate am I looking at ?- I don't know exactly but expect it to be high and that it would increase your home loan payment. If you can wait 2 more years and while at it rebuild/establish a good credit, it'll be lower.
Posted on
February 8, 2010
at
4:36 am
3. Where would someone with a past credit problem go for a loan? Mortgage brokers- and ask them for a no-obligation loan quotes so you can choose from several lenders.
Posted on
February 8, 2010
at
4:41 am
4. If my wife has good credit and I have poor credit am I doing more damage by being a co-borrower on the loan ?I'm really not sure ... but the answer could be yes.But if you're in a community property state (where everything within the marriage is shared) if one of you takes out a loan for the "benefit of the community" then both of you are liable for it. You're in it together. You are sort of just a single unit there.
5. Any other costs or pertinent information for someone wanting to buy a home post credit issues?Maybe it's best that you wait a couple of more years - repair your credit first.
