extenuating circumstances.....This loan is closed and funded Thanks Mark!! -Great Client

Brent Bester
Mortgage Professional
614-622-8916

What is the reason for your bankruptcy? If you can document that it was caused by extenuating circumstances beyond your control, you mighht have a chance. You would also need to show that you have improved your total financial picture: credit, work history, savings, DTI...

it is two yrs. for fha.....from the date of discharge......and three from a foreclosure.....however......if there were extenuating circumstances that caused the bk.....you can be approved in less time......a car accident....and off work...for example..anything beyond your control that can be documented...bob mcclure -mortgage now- farmington, michigan...i am licensed in ohio.(248) 806-0366

Look for a lease-to-own or a land contract.

You need to get to the two year mark before you will be able to do anything.

I'm a columbus local banker, I love the buckeyes, and would be more than happy to help you out. Call me when you get a chance. My FHA underwriter is superb! Is this your first home?

Brent Bester
Mortgage Professional
614-622-8916
bbester@usavingsbank.com

Mark,
You seem like you are doing the proper steps to re-establish your credit. I work with a great lender that can still finance just a few days outside of bankruptcy, providing that other conditions have been met. Please visit my site for more information. thank you, Tracey Hartson

Hi Mark,

This is the best time for you to meet with a reputable lender to make sure you are ready to go 8 months from now when you hit the 2 year discharge mark. They can help you review and clean up your credit report plus advise you on steps to take to raise your credit score. You would also be wise to save up for a down payment, the mortgage industry has changed a great deal this year and there is no guarantee that a seller will be allowed to assist with your down payment.

Contact me if you want some lender recommendations, there are several that have worked with my clients for months, even years as they recovered from bankruptcy and worked towards buying a home.

Thanks for the question and best wishes!
Cheryl

You have to wait at least two years post discharge to get the home loan. You need to continue to work on getting your score up to at least a 680 in order for things to go smoothly. FHA will be your best bet, so keep working toward a higher score and it will happen after the two year mark hits. Get with a lender now who can help you with some tips on how to raise your score.

Hi Mark,

"At least two years must have elapsed since the discharge date of the borrower and / or spouse's Chapter 7 Bankruptcy, according to FHA guidelines. This is not to be confused with the bankruptcy filing date. A full explanation will be required with the loan application. In order to qualify for an FHA loan, the borrower must qualify financially, have re-established good credit, and have a stable job."

Hope this helps!

Katie McCann