You CAN get a mortgage after bankruptcy Less than 12 months after bk -- 30% down 12 - 23 months -- 10% down 24+ months -- 3% down for FHA, 5% down for conventional loans The mortgage lender at the seminar (Prism Mortgage) said she could get people mortgages after bankruptcy at rates running around 8.875%. However the longer you wait after bk, the less you'll have to put down.
The 8.875% rate is for folks less than 24 months after bankruptcy. At 24 months, you can get rates similar to folks who have never had a bk IF you have rebuilt your credit (established 3 tradelines i.e. an installment or secured loan and two credit cards) and had a good payment history.
[QUOTE I have to admit the idea of buying from Ford is not something I would have considered in this lifetime. I do have a bias against American cars. I currently drive a Mazda and I've driven Hondas, Nissans and Toyotas. However I'm willing to keep an open mind and I actually like the looks of the Ford Focus hatchback (however I think the Taurus is downright ugly). [/QUOTE] Hi Topazmoon, Now, I haven't read the rest of these post, so please nobody shoot me if this has already been address. But, did you know that Ford now owns Mazda? As well as Volvo, Land Rover, Astin Martin and Jaguar (Fiance just bought me the Vanden Plas!!!!! Sweet!!!) So your options haven't been shortened at all.
