Financing in 24018>Question Details

Roseann, Other/Just Looking in 24018

Filing bankruptcy 4 years ago, can I still get a home loan, qualify for the government tax break and would I need a co-signer?

Asked by Roseann, 24018 Fri Jan 15, 2010

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So long as a property was not included in the bankruptcy, you should be fine time period wise. If a property was included, you still be fine going FHA or VA. For Conventional/Fannie Mae financing, its 5 years. Also, AL is correct in that you'll need to explain the grounds for your bankruptcy. Loss of job, pay reduction, health issues, loss of wage earning spouse through death or divorceand are all acceptable reasons. You also can not of had any serious lates or collections (excluding medical collections) since then.
0 votes Thank Flag Link Sat Jan 16, 2010
Hi Roseann,

You might want to start with where you stand. You can obtain a FREE copy of your credit report here:

For your FREE credit score you start here:

If your score is a 620 you might qualify for an FHA, but you will may a higher interest rate because your credit score is considered poor. If your credit score is 680-720 you can get better quality mortgage products and if your score is 749 or better you will have excellent credit and will qualify for outstanding mortgage products.

Once you pull your credit please feel free to contact me for a FREE consultation. I will help you interpet your credit report and provide a plan of action for you moving forward. Good luck!

Hannah Fliegel
The Credit Restoration Expert
0 votes Thank Flag Link Sat Jan 16, 2010

If you have been keeping your credit clean since the bankruptcy then four years is enough.

I would recommend that you try to get an FHA loan. You can find a HUD approved lender in your area by clicking here:

Be ready to explain the reason for your bankruptcy and explain why you feel it would never happen again.

As far as the tax credit, the fact that you had a bankruptct won't disqualify you.

You would only need a co-signer if you don't qualify on your own. If you credit, income and assets are good then you can buy without a co-signer.

I hope this helps.

Good luck.
0 votes Thank Flag Link Fri Jan 15, 2010
Contact a direct lender (a bank) in your area and discuss your situation with a loan officer.
0 votes Thank Flag Link Fri Jan 15, 2010

Best thing is to contact a lender in your area. They will be able to give you all the best answers.

Jerry A. Lorenz
Russell Realtors
Cell: 440 724 4402
Web Reference:
0 votes Thank Flag Link Fri Jan 15, 2010
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