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I am looking into buying a home, however, I am 16 months out of a discharged Chapter 7 bankruptcy, with a

current beacon score of around 580. There are no negatives on my credit history since the bankruptcy and I have re-established credit since the bankruptcy with a few credit cards, auto loans with my credit bureau, and unsecured personal loans. Are there any lenders out there who can finance someone with this background. I have heard different stories on FHA financing, some saying two years after a discharge I can be financed, some saying one year after a discharge, still others saying two years after the filing date. Any advice???
Sat May 3 2008, 04:04 - 43123 - Financing - 7 answers
 
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Mark Thomas
Home Buyer
in Columbus
Mark Thomas, Home Buyer in Columbus in Columbus
Answers (7)
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Katie was FIRST TO ANSWER
Look for a lease-to-own or a land contract.

Sun Jul 6 2008, 17:41
 
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You need to get to the two year mark before you will be able to do anything.

Sun May 18 2008, 20:25
Web Reference: http://getprequalified.com
 
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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

Fri May 16 2008, 21:44
Web Reference: http://www.yourusb.com/bbester/
 
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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

Fri May 16 2008, 21:34
Web Reference: http://www.traceysellshomes.net
 
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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

Sat May 10 2008, 14:58
Web Reference: http://DublinHomes.Us
 
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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.

Sat May 3 2008, 07:55
Web Reference: http://www.SWOhioRealty.com
 
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FIRST ANSWER
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

Sat May 3 2008, 06:30
 
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