Financing in Columbus>Question Details

Angel Kerns, Home Buyer in Columbus, OH

I am currently in a chapter 13 that will be paid off this Oct 2011 . I was told that i have to wait 3 years after my last house was sold in order to

Asked by Angel Kerns, Columbus, OH Mon Jan 17, 2011

buy another one. I have a credit score of 607 with two accounts that I have been aoying on time . If there some mortage company that is out there that can help me get a loan?

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Hi Angel,

The stigma of having had a bankruptcy is not what it used to be and many lenders are willing to work with you as long as you meet their credit and income gudelines. Many REALTORS have suggested and I do to that you find a lender that will work with you and help guide you through the steps. In the mean time continue paying your bills and outstanding obligations in a timely manner and SAVE SAVE SAVE. The more money you can come to the table with down payment requirements and closing cost the better. Many Sellers are hard pressed to help contribute to a buyer the down payment and closing cost so having these funds will greatly help you. Hang in there Angel, stay focused. There will be a lot of buying opportunities when you are ready.
All the best,
Jeffrey Paeltz, SFR
0 votes Thank Flag Link Tue Jan 18, 2011
Angel the timeline for a loan does notstart from when your home is sold but from the discharge date of your bankruptcy. It does not sound like it is discharged yet so the clock has not started running.
0 votes Thank Flag Link Tue Jan 18, 2011
Homeport Homeownership (a division of Columbus Housing Partnership) has a HUD approved "Financial Fitness" course that helps potential homeowner's get where they need to be to qualify. (You may already be there) You can get more information at They collaborate with local lenders to make homeownership possible again. It does take some effort but I've really seen it pay off for those who are willing to invest a little bit of time (not money! their services are free! They are a not for profit) in it. Good luck!
Web Reference:
0 votes Thank Flag Link Mon Jan 17, 2011
Hello Angel. The tone of your question gives me the opinion that you understand your credit score needs some work. Also, after filing a bankruptcy I think you are also required to participate in an online credit counseling course and should at a minimal understand how to improve your credit. You should not be in a rush to purchase a home until you have done the due diligence to improve your score and lower your debt ratio.

Also, even though 3 years is the limit, investors ultimately will make this decision. If your score is not in the 700's and you have not proven a change in your circumstances most investors will not take a risk with your note. 3 years is an estimate not the ceiling. Until you have increased your score you should not get caught up in this craze to purchase a property until you are financially prepared, willing and able.
0 votes Thank Flag Link Mon Jan 17, 2011
Hi Karen,

Great question! I believe the threshold is 2 years. I have a great lender that I work with frequently that has help several of my buyers in very similar situations. If you are not able to buy now, she will tell you what you need to do in order to be in a position to buy within 6 months to a year. Please feel free to e-mail me ( and I will forward you her contact information.

Brandon Prewitt

Brandon Prewitt
RE/MAX Metro Plus
Columbus, OH
0 votes Thank Flag Link Mon Jan 17, 2011
Hi Angel, We believe it's 2 yrs, your credit score needs to be alittle higher not much to qualify.
If you can make your regular payment on your credit acccounts each month then in the same month send in a small amount extra this will increase your credit score. Do not let anyone run your credit as this will lower your score at this time.
Call or email around to mortgage companies and see who can help you, again don't let them run your credit just tell them you score to get a rough idea of how much and when you can buy again.

All the Very Best
Dave & Lisa
Web Reference:
0 votes Thank Flag Link Mon Jan 17, 2011
Hi Angel!

Many Mortgage companies can pull your credit and make suggestions on how it can be repaired. The can also give you an idea on how long before you can purchase again.


They should not be charging you for any of this. If they try to charge you try another company.

Best Wishes,
0 votes Thank Flag Link Mon Jan 17, 2011
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