Discharged from bankruptcy without rebuilding credit:
1st option: few lenders
- Down payment or equity minimum of 25%
- Interest rate slightly higher than normal (about 2% more)
- Term of 1, 2 or 5 years usually
- Minimum score of 540 for sure and no minimum size for other
- Usually, the number of bankruptcy maximum is 1, maximum 2.
- Sometimes the bankruptcy is discharged for at least two years and that credit is again for at least 12 months.
Option 2: The alternative lenders
- They generally require 35% down payment
- The interest rate is about 10% and more.
- These are the only ones that do not require proof of income for conventional self-employed or business.
Rebuild credit 2 years and released 2 years
The same options as above, plus:
Loans to the following conditions:
- Beacon score: 615 Minimum for a down payment of 5% without reopening the lender for the down payment.
- For programs without down payment, no lender agrees for the moment.
- Beacon score 0 to less than 600: Some banks allow for conventional loans (down payment of 20% or more).