Home loan after ch7?

We refinanced our home 2 ears after bk, our fico score was pretty high still from a bk so it just depends how well you paid you bills prior to your bk I think.

Back in 2000, we got a home loan with no problem at the current going rate at that time....the lender wanted us to write an explanation letter about why we filed Ch 7 and so forth. We had filed and discharged in 1997.

While in a Chapter 13 BK, a debtor cannot take on new debt w/o the approval of the trustee. So, it will be difficult to get a mortgage while in a Chap 13 BK.

A Chap 7, will stay on your CR for up to 10 years. I have seen people get mortgages 2 years after the Chap 7, but they had pristine credit since the BK. So you will need to rebuild your credit in order to qualify for a mortgage. (Right now, mortgage $ is tight and unless you have perfect credit, banks are not going to loan to you.)

Sounds like your 80/15/5 proposal is doable. Just rebuild your credit immediately so in 3 years you should be good to go.

That maybe held true before the collapse on Wall Street last week.
As of now you need a FICO better than 750 to be concidered for a loan or Refi.

Anything less than 750 will not get you far!

Before, typically a 680 score would get you a prime interest rate, now it is 720.

I think the operative word here is "prime" interest rate. With a 20% downpayment and perfect credit for 3 years after a BK, and assuming the banking crisis has eased, they should have not problem getting a mortgage.