Can you get a mortgage with a reaffirmed car loan a bankruptcy and no downpayment?

Answer 1

It is sometimes said "anything is possible . Nevertheless, given this set of circumstances, it would be indeed be impossible.

Residential mortgage lending is driven by credit scores. You did not mention what your score is. Other factors, like the lack of a down payment and the bankruptcy would be contributing factors as would your debt-to-income ratio, state of the subject house, etc. But, your credit score would allow someone to give you specific advice as to whether or not you stand a chance of qualifying for a mortgage.

Why would it be "impossible?" Studies have shown that if you maintain payments on a secured credit card, auto loan, etc, then as little as 2 years after the date of discharge, you may qualify for a mortgage with interest rates near that of "good" credit holders.

I know, because my parents have done just that.

1)You don't have any debt because of the bankruptcy, right? Which means, you ow very little if nothing. Soooo, creditors like it when you have a great amount of disposable income.

2)You can't file for another bankruptcy for 6 years...sooooo, the creditors are safe from being included in a subsequent bankruptcy.

Thanks.