Can i finance a home while I'm starting a new business after bankruptcy?

Banruptcy discharged in Nov. 2005. We run our business from our home. We moved to the other side of Va. in Feb 2006 after selling our home there. I'm looking for a finance company who has done a mortgage very similar to my situation. Not one that will think about it. I don't want to waste their time or mine.

You may do what ever you want. Purchasing a home immediately after a BK is possible.

There are a few things that you left out through no fault of your own since you are not in the mortgage business. Was the home you sold in the bankruptcy? If not did you make the monthly payments on time for 12 consecutive months? If you did you can get a pretty good interest rate even with the BK. If you did not make the mortgage payments on time and the house was included in the BK you may still purchase a home, however, your interest rate will be higher.

You mentioned two things that are a negative in the mortgage industry, BK being one, Self-employed is the other, but both can be over came. Normally a mortgage lender want to see that you have been doing the same profession for the last 2 years or more. The other is what have changed since your BK that is a good indicator that you can now make your mortgage payments in a timely manner.

That being said you should find a mortgage "Broker" that specialize in BK and foreclosure clients. Finding the right mortgage "Broker" will save you lots of headaches in the long run. Some will claim they do, but make sure that you get one that does, the right mortgage "Broker" can make a lot of headaches go away.

There are a few things you should know. You can get qualified for a mortgage loan, like I said before your rate will be higher. If you make the mortgage payments on time for 12 consecutive months you may refinance to a lower rate for paying your mortgage on time.

Your mortgage interest and certain closing cost are tax deductable on your itemized deduction of your federal income. (Please check with your tax advisor or CPA for tax advice)

In my opinion owing is better than renting because of the tax advantages as well as you own you own home and the interest rate does not really matter.

I hope this is of some help to you, good luck.

"FIGHT ON"