A buddy of mine recently recieved a discharge from ch7 bk court. He is interested in obtaining a mortgage. What types of programs would he immediately qualify for? P.S. He has enough money for a substantial down payment from an automobile accident settlement. His award was under the exempt amount for our state, so it wasn't liquidated in bk. Thanks (Formerly jrjr35)
Could he buy a small home with his cash? Then in a few years he could sell it for a profit and buy a nicer bigger house! There are programs out there somewhere for people who have recently been discharged but he will have to put a huge down payment and pay ridiculous interest rates. Typically most people cannot get a mortgage until 2 years after their discharge date, some even longer than that.
Yes, it is possible to get a mortgage loan after a bk. What are the scores? You could get a sub-prime loan with credit scores of 500 and above. send me a email. i could help you out. Best Mortgage. kjunior@t4.com
