ch7 discharged two months ago, can I buy a home?

[luckynucky]

What is the name of your state?tx
I am in the market for a home. My ch7 was discharged few months back. What rate should I expect and is there any special program for bk filers from Governement or private institutions? thanks.

 

[ihatearizona]

It is possible to purchase a home right out of BK, but you're going to pay much higher interest. Your best bet is to contact a mortgage broker to see what they have to offer. For an FHA loan, you would need to wait 2 years after your discharge to qualify.

 

[luckynucky]

Would really appreciate if someone can shade more light on my questions.
What rate should I expect? Any good lender that can offer a good rate? Can I co-sign someone? Will my credit be pulled if I co-sign someone?

Thanks,

 

[cyana24]

There is a Mortgage Forum on www.creditboards.com. I'd post this question there. I believe the subprime mortgage market can be score driven (just like a mortgages except FHA are) and naturally you would want the best rate. Probably no one but a mortgage lender who looked at your scores would be able to tell you how much interest you can expect. Have you started a any credit cleanup yet?

Chances are good with clean credit two years post discharge you could qualify for refinancing your "mortgage" with whatever programs FHA is ofering then. Or, you could look in the phonebook and check out the mortgage companies who specialize in "damaged credit". I received information from two less than prime lenders myself who seem to have fairly good reputations: Full Spectrum Lending (I believe it's a division of the fairly well known Countrywide Mortgage Co.) and Indymac Mortgage Co. I believe both of them have websites.