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Home Loan After Bankruptcy...Need Advise
Q. Hello everyone. Just to give you a little detail about myself. I am 25 years old. I accumlated some debt while I was in school and couldn't handle the payment anymore so I filed for bankruptcy back in June of 2002. It has been almost 3 years now. Since then, I have been in a stable job making around 60k a year. I am single with no kids. Here are my expensive that I have which isn't much. 1. rent with utilites is 700 2. 10k student loan with a 180/month plan. 3. Insurance 150/month Thats pretty much it. I have no car payment. Insurance isn't that much. I don't have any credit card except a debit card from bank. Other than that, thats it. I was wondering what are my chances of getting a house loan? how much of a loan? what are my interest going to be? My FICO score is like 580 or something. I have about 10k saved up. I have about 12k in 401k investment. Other than that, thats pretty much it. Some other question: how would I improve my chances of getting a good home loan? I know about opening a secure bank card, how do I go about doing that? what company are good? and what company I should stay away from?
A. I appreciate the feedback. I am gonna go to a lendor but just want to get some straight answer and facts before I do. I am not looking to buy an expensive house, just something around 250k or so. The company that I works for is willing to help me with a down payment. My question is, how much should I put down? I know if I put down 20 percent, it will look attractive to the loan officer considering my bankruptcy. I have heard that some leader will oversee the bankruptcy after 3-4 years if you show them that you take good care of your money and what not. Is that true? When you say pay back your charged-off debts? you mean to tell me to call the creditor and ask them that I am going to pay them back even after it is being discharged? wouldn't my credit history still be the same after i do that. I know I have made some mistake in college but it happens and now I have to deal with it. You live and learn. Thanks for you input...anymore advise is greatly appreciated.
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