I sent e-mail to Chase Manhattan Bank (Mortgage dept) asking them if they have post-bankruptcy mortgage program, how to get mortgage, etc... I got a reply from Chase Manhattan Bank.... -------------------------------------- Hi (deleted <other co-worker>) - I have reviewed the information on Mr Gagliano's e-mails - Please let him know that it is far to early for me to review his file for a possible home purchase in 2005 . He should contact us when his bankruptcy has been discharged for 2 yrs - then we will pull credit & evaluate his situation. He will probably need approximately 10 % down & closing costs. Best advice is to make sure he works on re-establishing credit after the bankruptcy - we will look for at least 3-4 active credit lines with no more that 30 dys with that 12 month period . I hope this helps your borrower ----------------------------------------- My question is: Do I really need 3 or more active credit line? My wife and I just applied for American Pacific Bank's secured Visa and we already have Honda Finance auto loan, I think these 2 should be enough since we don't want more than 1 credit card! Are there other banks that gives mortgage with no down payment (or low down payment) for people who already re-build their credit at least 2 years post-bankruptcy? Any advices? TIA! Thomas Gagliano
I think FHA is two years post discharge. Talk to a mortgage broker (check with friends for referrals)...they can tell you about a lot of different programs that are available.
