Sorry that you had to go through the process of a BK. Sounds from your question that you have moved on with your life, that is a wonderful thing!!!
The most likely loan product for you is going to be a FHA program, and while I am not a mortgage banker the guidelines require 24 months since the BK, and a FICO of 640 or higher. My suggestion to you would be to work on your FICO score, by paying what you have on time. Save up during the next 12 months and then start your search.
The reality is, there are new rules that went into effect in January of this year. There must be a documented ability to repay the loan by the lender, and private lenders are not exempt from the rule. I find it very difficult to believe that ANYONE is offerring that product out on the market. I'm not saying it's not possible but highly improbable.
To buy within 12-24 months, your BK had to have been caused by extenuating circumstances; meaning something beyond your control affected your life and you had to file BK. Click my profile and contact me if you want more information.
The FHA Handbook guidelines are below. Link here: http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?addr
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€¢re-established good credit, or
â€¢chosen not to incur new credit obligations.
An elapsed period of less than two years, but not less than 12 months, may be acceptable for an FHA-insured mortgage, if the borrower
â€¢can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and
â€¢has since exhibited a documented ability to manage his/her financial affairs in a responsible manner.
Note: The lender must document that the borrower's current situation indicates that the events which led to the bankruptcy are not likely to recur.
My suggestion is to speak with a lender to determine your status and eligibility. Here is a lender that I have worked with for years and I know she would be more than happy to work with you. Her Name is Jennifer Young with home lenders. Her email is email@example.com. and her phone number is 619-497-4944. Contact her and see what she has to say.
She will need certain pieces of information to know where you are at in order to determine your eligibility. I cannot answer this question because I am not a Lender and I am not licensed to determine whether or not you will qualify for a loan. Give her a call or email here today. She will be more than happy to assist and you can ask her your questions to need addressed.
If I cna be of service for any of your Real Estate needs please feel free to contact me at an y time. Steven Sopha-Century 21 Horizonfirstname.lastname@example.org.
Take care. Respectfully, Steven Sopha-License#1290291
You might consider working on your credit rating first before you go looking for a new home. Once your get your credit in good standing you will be able to qualify for a better mortgage product.
This way you set yourself up for long term success! Good luck
Hannah Fliegel, FICO Pro
Check with your local lender to see if some of them offer similar programs. I do believe that for FHA you have to wait 2 years after BK.
Even if you don't qualify just yet, you will for sure get a couple of good pointers what to do to fix your credit and what criteria to meet to apply later on.