Financing in Philadelphia>Question Details

Hett872, Home Buyer in Philadelphia, PA

Can u get approved for a mortgage and filiing chapter 7 and its discharged for a 90,000.00 house ?

Asked by Hett872, Philadelphia, PA Sun Nov 18, 2012

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7
See Shane’s answer, he is right as usual,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Nov 19, 2012
Hello,
You can reach me at 215-327-8104 so we can discuss this further.
Kathy Hanigan
Broker
0 votes Thank Flag Link Mon Nov 19, 2012
Sit down with a lender and get the information . They will advice you about the dowm payment and closing costs as well.
0 votes Thank Flag Link Mon Nov 19, 2012
After a Chapter 7 bankruptcy discharge...

• FHA requires 2-years BK discharge (only 1 year if it was due to extenuating circumstances, such as medical or death of a wage earner, etc.)
• VA requires 2-years BK discharge
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 4 years (only 2 years for extenuating circumstances)

In all situations you need at least 12 months of re-established credit and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each. Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.

Other than medical collections that can be properly explained, if there are any late payments or delinquent accounts (collections, charge-offs, judgments, tax liens) after the BK or foreclosure then the time seasoning often starts over again from the latest late payment/delinquent mark (underwriter's discretion). Having a verifiable on time housing payment history goes a long way to making an underwriter feel comfortable, as well as taking a pre-purchase housing counseling class with a budgeting/financial model. Practically anything you can do to prove that you have made & kept a vow to make all payments on time will be helpful.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Mon Nov 19, 2012
Good Evening Hett,

I can get you to 2 years after DISCHARGE date, PROVIDING your restructure of credit after the discharge is Clean as a whistle with a good payment behavior.

Feel free to give me a confidential call.

All the best, John Curci RE/MAX 215-757-2889
0 votes Thank Flag Link Sun Nov 18, 2012
Hello.
You need to wait 5 years after declaring bankruptcy. Also, need to build at least 3 pieces of credit.If there is one latness in those pieces of credit, you will be back to square one.
The best way to build your credit is to take out 3 secured credit cards.
Wishing you the best.
Don Sherman-SRES
Century21 Advantage Gold
Cell-267-716-8228
Email-realtor94@gmail.com
0 votes Thank Flag Link Sun Nov 18, 2012
Sorry, no one can do this.

You'll need a lot of time between the BK and applying for a mortgage.

Good luck.
0 votes Thank Flag Link Sun Nov 18, 2012
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