Rodney is all over this one. The only thing I would add is most banks are going to want to see re-Established Credit. At least 3 credit lines open for a year since the BK started. If you RE-Affirmed some debt, these can count towards this. If you wrote everything off you will brand new ones (secured cards are a great way to go) also know you will still need to have credit score to support the purchase as well FHA and VA are going to be approximately 640+
Last question though? did your BK involve a home? if it didn't no worries. But if it did then you are looking at following Foreclosure Rules and not just BK rules.
I hope this helps,
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
I am a licensed Georgia Loan Officer and I can tell you that if you want to use your husband's VA Certificate of Eligibility then you would have to be out of the bankruptcy for two years. If you have 3.5% down payment if might be possible for you to purchase now using a FHA mortgage. Please call me for further details.
NMLS # 401505
Licensed Georgia Loan Officer
Licensed Georgia Real Estate Broker
For a Chapter 13 Bankruptcy, then you must have made at least 12 on time payments. Additionally, you must also have permission to purchase from the Bankruptcy Court.
In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.
If a mortgage was included in the Bankruptcy, HUD requires that you must wait at least 36 months from the foreclosure date to be eligible for an FHA or VA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was not re-affirmed, there is not much that can be done until the property get foreclosed on.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
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