How can I get a loan to buy a home with bad credit and little money down ?
years ago I purchased a 2 BR mobile home. The interest rate of the loan was at 18%.The total amount borrowed was 32,000.00. After 2 years I had another child now making the home too small and after 4 years of making all my monthly payments in full and on time, I realized I was getting no where fast. So I decided to file for chapter 13 bankruptcy which would consolidated the amount of the loan down to only what the MH blue book value was which was 16,000.00. I then made 3 yrs of payments through a trustee and I now own the home, but with no land attached it’s worth the same as a car. I have a substantial amount of income and have been on the same job for 6 years, but due to the bankruptcy my credit sucks and I can not even get financed for a new bed. My bankruptcy was complete and discharged a little over 1 year ago. From what I understand I need to be discharged from bankruptcy at least 2 years before I can get approved for any loan. I am in desperate need of a real home.
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4 comments
linkus86 on September 11, 2011 at 6:29 am
Bankruptcy laws changed about 4 years ago to make it tougher for anyone who files to regain credit. Sorry, but you just have to suffer the consequences of your actions. But if you have other assets you may be able to secure a loan using them as collateral.
MVD34 on September 11, 2011 at 6:29 am
you can’t.
That isn’t the way the credit markets work.
Bad credit = no mortgage.
Trish on September 11, 2011 at 6:29 am
Try the USDA loan program. I filed for bankruptcy and had no down payment for a house. They work with low income families. I have been in my house for over a year.
SC Blast on September 11, 2011 at 6:29 am
If you can’t afford $32k for a home even at 18%, you have bigger issues than qualifying for a loan.