Will I be able to get the house of my dreams even thought I filed for bankruptcy?

Question

I filed for bankruptcy my dad just died and left me 400,000 I fell in love with this house for 143,000. Right now I am finishing college. If I put down 30,000 will I still be able to get the house of my dreams? Or do I have to wait awhile or get a cosigner?

Answer 1

A large down payment is always a plus. The bankruptcy may need a 2 year waiting period. If you find a good Mortgage loan officer who know their products well and who is creative, I'm sure they would be able to find financing for you. Please feel free to contact me via email for more details.

Answer 2

If you put down 40 percent you will not have a problem. Just because you filed for bankruptcy does not mean you are a bad credit risk. If your  income and now assets fill in the equation, a bank will lend you the money. At 40 percent down, that is more than enough cushion for a bank to give you good terms even with the bankruptcy. Banks want to lend money, that is how they create money.

Its all about risk to reward for the bank. At 60 percent Loan to value of the house, they are ready to work with you.

Consider making a lower all cash offer to the seller and cutting out the bank. Just a thought.

Answer 3

If he left you $400,000, then why can't you pay $143,000 cash for it, and not worry about getting a cosigner?