Chapter 7 bankruptcy was discharged 1 month ago. Can I get a 100% mortgage?

I got divorced last year and my ex wife decided to quit paying on the loans she agreed to keep while we were seperated. As a result of the divorce I was forced to file bankruptcy b/c I got stuck with all the bills we had together. She managed to drop my credit score from 720 to 550. My bankruptcy was discharged 1 month ago and I want to buy a house b/c I dont like throwing my money away in rent. Does anyone know of a mortgage company that will give me a 100% mortgage. My situation makes it tough but I know there is a company out there I just need to find them.

Chapter 7 bankruptcy was discharged 1 month ago. Can I get a 100% mortgage?
Mortgage companies now a days don't even like doing 100% financing for people with average credit...I think it will be very hard to find a lender with your score so low. If you do your interest rate will be very very very high so you'll be throwing away money on all the extra interest your paying. I would wait 6months try and build up your credit and put money aside for a down payment and possibly closing costs.
Reply:No chance, sorry. 550 with a 1 month BK won't get anywhere near 100% financing. To get 100% you need a 620, bk discharged at least 24 months ago with qualifying income and debt ratio and no late payments in the last 12 months.
Reply:no
Reply:You've been given some pretty accurate answers. With the subprime mortgage crisis, the availability of a 100% mortgage for someone with a low credit score and recent bankruptcy is pretty much non-existent.





While there is no doubt some company out there that will give you some kind of mortgage right now (80% with high interest), you are better off either waiting until you've rebuilt your credit or going the lease purchase or rent to own option.





If you do go the lease purchase option, while you cannot usually move into one of these properties with no money down, you can be left in a very good situation with the right property and the right lease contract. If you do find a property that suits you, make sure the lease option fee is appropriate and make sure an appropriate portion of the monthly rent goes toward the purchase price of the home.





Here in South Carolina there are companies that specialize in lease purchases. One example I found online is a home with a purchase price of $150,000 with a lease option fee of $5,000 and a monthly lease payment of $1,500. This particular property allows $500 of the monthly rental rate to credit to the buyer's purchase price and is a two year contract. This particular company will also credit 100% of the lease option fee back to the purchaser if the home is closed on with a conventional mortgage within 24 months. This would leave you at the end of two years with $17,000 off the price of the home as your down payment.





Another great thing is that during the time you lease the home and when you actually close on the home, the value can appreciate. If you find a home in an area that's on the upswing, you can do very well.
Reply:it is not likely you will get a loan for


3-5 yrs after the BK is discharged.





you can therefore, seek a lease


option!





I can help if desired.