Financing in 20169>Question Details

Irene Trivou…, Real Estate Pro in Gainesville, VA

Clients with previous bankruptcy do they have any other options then cash or waiting for 2 years to do an FHA financing?

Asked by Irene Trivoulides, Gainesville, VA Mon Sep 23, 2013

I have a couple of families I am trying to help and they had recent bankruptcy, less then 2 years. Do they have any financing options that I am not aware? One of them their credit score is close to 700 already! Can they purchase with a co-signer? My current lender says they have to wait 6 more months, but interest rates keep on climbing. Any ideas will be great! Thank you!

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Ryane Johnson’s answer
The new FHA program will allow you to buy 1 year after a bankruptcy if the borrower lost their job – I think this is going to have a very limited application as it is very narrow in its definition of job loss and of course you must have reestablished credit and now have a stable job in order to qualify for the loan

A very busy year if you ask me – it takes people 2 to 3 years to truly recover from a bankruptcy

Ryane Johnson ® - Realty Direct
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1 vote Thank Flag Link Mon Sep 23, 2013
How about if they lost their business? Does this apply as well? Lender said only death of one of the borrowers is considered an extenuating circumstance for a loan in less then 2 years from bankruptcy.
Flag Mon Sep 23, 2013
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