What are some mortgage options for someone who had a recent bankruptcy?
After a lifetime (30 years, anyway) of stellar credit, I was forced to file Chapter 7 about one and a half years ago. My manufacturing business failed primarily due to cheaper offshore product being imported into the USA. The total debt liquidated was probably in the $ 60K range, the majority of it business related. I did reaffirm my first and second mortgages on my home, along with a line of credit at a local bank, and two vehicle loans, with all payments being made on time every month. My situation now is that I have sold my home and am scheduled to close in two weeks. This will clear all debts and leave me with around $ 60 in the bank. I am currently shopping for another house and am curious about what mortgages are available, and what type of interest rates should I expect, and if I can even qualify for a loan. My income is $ 70K per year.