Marina G: Filed bankruptcy 2 yrs ago…is it possible to buy a house???
2 years ago I filed banko and I have built my credit to where it’s okay, I was able to get into my own place with a decent credit check and before there was no way anyone would rent to me. I have some way to go before its great but Iam realy thingking about investing and I am pretty young and I know it takes time to make money. I am seriously looking into buying a house and renting it out but I need some advice…where do I start? should I get a loan to purchase a house, fix it up and sell it for profit? finance it and have rent to help pay the mortgage and if so how long would that take before I actually started making profit? This most likely sounds amateur and this is why Im here asking for advice. Thank you for your help.
Answers and Views:
Answer by Charlie
Be prepared to pay HIGH interest rates, and you may need a large down payment. Your plan sounds good, but their will be consequences that you will pay for the bankruptcy. I would suggest talking to a mortgage company. They are, for the most part very helpful with pointing out what hoops you will have to jump through to be considered for purchasing a home.
yes, you can get a moetgage after two years. The waiting time w fha is two years. You don’t need a large down payment and we don’t pay a high interest rate. you can go fha and get a fixed low interest rate. The one key is that you don’t have anything negative on your credit report since the bankruptcy. Good luck with your search and be positive.Answer by Jennifer
Hi,
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