Down Payment

[brandip22]

I know normally the down payment is 10%. Dh and I were approved with a 30% down payment last year. We decided not to buy in and to make sure we could afford it by saving what our payment would be monthly, plus we didn't have the 30%. We are now wanting to try again- our credit has improved. We had a BK only a year before applying, so now it's been 2 years. Anyone have a similar situation? Also, I know some credit issuers have a reconsideration department that will give you better terms if there was a bigger "reason" for a bk- such as a business loss or something, which is our case. I'm wondering if anyone has any experience with any of this? Thanks in advance!

 

[DisneyBill]

I wish I could help you, but it never hurts to speak to your guide and ask what the terms would be now that you've got another year of history of ontime payments and settling old debts. At least the years worth of payments you have saved will help with your down payment regardless of required amount by Disney. Good luck.

 

[pplasky]

Do you have 30% to put down now? I don't think much will have changed after one year. BK usually is considered a negative thing for 5-7 years, depending on what you want credit for. At least the more you put down, the less your monthly payments will be. Good Luck.

 

[brandip22]

Thanks- I may call my guide, but I don't want another hit on my bureau until I am for sure. I'll keep y'all posted. Thanks!

B

 

[DisneyBill]

Thanks- I may call my guide, but I don't want another hit on my bureau until I am for sure. I'll keep y'all posted. Thanks!

B

One more thought. Go to myfico.com and pull your own credit report and fico score. Consumer disclosures don't count as an inquiry, and you would know 1st hand of any improvement.