How to purchase a home after bankrupcy

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edavis3236

Joined: 13 Sep 2009
edavis3236's page
Posts: 1

29 Magic Points

Subject: How to purchase a home after bankrupcy

Sun Sep 13, 2009 4:24 am

I am currently looking for financial advice following bankruptcy and purchasing a home. To make this quick my husband and I filled Bankruptcy in 2005, since then we have not attained any new credit and have paid cash for everything up until now. My husbands W2 last year was for 68,000. I recently graduated college and now make 40,000 per year. We currently put 2500 monthly into savings. We want to buy a house but we have low credit scores .We need assistance in purchasing a home any advice would be appreciated.

Arya

Joined: 19 Aug 2009
Arya's page
Posts: 46

1190 Magic Points

Sun Sep 13, 2009 9:16 am

After bankrupcy your credit score affected in negative way.
So 1st you have to improve your credit score and then only go for mortgage .

James Orr

Joined: 07 Jun 2009
JamesOrr's page
Posts: 54
Location: Maharashtra

298 Magic Points

Sun Sep 13, 2009 10:34 am

Hi edavis, If you recently filed bankrupcy then its not possible to get new loan instantly. Your all financial things will not be compitable to get loan.

So,you have to refrsh your credit report to remove negative records from your credit report. Strogly try to improve your credit score to miximum level, you can get help to improve credit score from our forum, check it out http://www.creditmagic.org/knowledgebank/credit-scoring.html.
Pay back monthly dues on time.save as much cash as you can.

After you credit has rebuild, you may apply for FHA (Federal Housing administration).

Thanks & Regards.
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