If you go to the Fair Credit Reporting Act I think you can find info on it there. I've been told 2 years by some lenders, but some lenders say 7 years. You can apply anytime, but whether you can get a loan is another thing. I would talk to someone at your local bank (small community bank) to start with. They tend to be a little more lenient on those who have imperfect credit. You may need to hire your bankruptcy attorney to help you clean up your credit, which will help with your score. Sorry I don't have more info. But every lender is going to have their own inhouse rules for this, at least that's what I've seen.
Americorp Real Estate
Brokers Associate, e-PRO
Cecilia is correct below on the FHA guidelines regarding Chapter 7 bankruptcy. I just closed a loan for a client before Christmas who had just completed 2 years since their discharge date of a Chapter 7 bankruptcy...so it is possible.
The issue I can see for you is that you included 4 rental properties and a primary residence in your bankruptcy. Every lender's underwriter I have inquired about regarding this situation is going to consider these foreclosures subject to a three year waiting period under FHA (and longer for conventional).
Senior Loan Originator
NMLS #: 222407
Congratulations on taking some steps to ensure your successful financial future. If you would like to purchase a primary residence using an FHA loan, here is what FHA says:
"A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage, if at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must have
â€¢reestablished good credit, or
â€¢chosen not to incur new credit obligations.
Most lenders will also want to know what caused the filing of the bankruptcy. If you would like more information on how to get started, please feel free to give me a call at anytime.
Best bet for you is to speak with a good lender to see what you qualify for now - and what, if any, work you might need to do on your credit standing to qualify for a loan.
Do you have a real estate agent and lender assisting you now? Ones with whom you have worked in the past?
If not, do check out our website - we have great, experienced real estate experts who can assess where you stand and give you names of lenders who will be able to assist you in getting a precise picture regarding your loan-worthiness.
Best of luck to you!