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How long after Bankruptcy before I can apply for a home loan?
I find it very frustrating that i qualify for rent paying 995 a month and cannot instead pay 700.00 a month building equity in a home. BK discharged last year.
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There are a few mortgage companies that will have special programs for clients who have had foreclosures, BK & short sales feel free to contact me for a list of mortgage companies.
Best Regards,
Cathy
The one piece that I don't think anyone asked you is: What type of bankruptcy was it? If you have a chapter 13, you can qualify to purchase a home after 1 year of on time payments and with an approval letter from the bankruptcy trustee.
If chapter 7, the other answers are correct, 2 years for FHA/VA, 2 technically for USDA but few are approved under 3 years.
answer by
maria campbell
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answered questions:
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I NEED SOMEONE IN INDIANA TO TELL ME ABOUT THE BANKRUPTCY LAWS ON HOW LONG BEFORE I CAN BUY A HOUSE.
Here in Arizona it is two years from the discharge date. There now are lenders who can wave this two year period as long as you can qualify for the loan. Most are ARM's with the plan to refi after the waiting period. Good luck Bill S / Realty Executves East Valley
I have a bank that might help you out. Give me a call or send me an email and lets go over everything and see how we can help you.
Thanks
Suki
I have a bank that might help you out give me a call or send me an email and lets go over everything and see how we can help you.
Thanks
Suki
You actually need a full 24 months to qualify under government guidelines. You are doing well paying monthly rent on time and should also look to establish othre small credit accounts through department stores and creditors like HSBC and Cap 1
Our firm only asks that 6-months pass before you start the buying process. Since we offer direct seller financing (no banks), we are very unique.
You can apply to purchase a home just under 3 years from the day of discharge of the bankruptcy. Then you can't close on the purchase until the 3 year anniversary of that day. Talk to a loan officer to know for sure.
Bill's answer is correct. I would contact him to find a good local lender. Good luck
I have lender that has been able to help some of my clients and there are different scenarios that she can work with. This website won't let me post a phone number or website. Feel free to contact me through my profile and I can send you her contact information. If you can figure out a way to buy a house, now is the time because interest rates are so low and home prices are very reasonable!
Be glad to assist you. Bankruptcy waiting period for Chapter 7 is
FHA 2 years Conventional 4 years VA 2 years USDA 3 years
Have a great Day! Bill Salvatore your EastValleyRealtor
I would talk to a lender; there are many variables such as was there a foreclosure, when was the foreclosure reported in relation to your discharge, what type of new loan would you pursue (VA vs. FHA), etc.
A reputable lender will walk you through a series of questions to determine your ability to qualify rather then just run your credit. In general 3 years but don't give up...many people who have filed bankruptcy, short sold their homes or lost it due to foreclosure have rebounded nicely.
Circumstances vary by loan type (VA loan, FHA loan, etc.), was there a foreclosure involved and how/when the foreclosure was reported as part of your discharge. I would contact a lender; a reputable lender won't just run your credit to determine the info. They'll walk you through a series of questions and determine if they can provide accurate info based on your answers or if additional info is required. In most cases 3 years but there are other factors. Don't give up, many people who have filed bankruptcy or lost their home through a short sale or due to foreclosure have rebounded nicely.
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