Hi Jba,

I believe all the info you have received thus far is fairly accurate as to the possibility of obtaining a mortgage under typical circumstances. There may an greater opportunity to obtain financing now if you were looking at a lower LTV (Loan to Value) mortgage, maybe 70-80%. This could be accomplished with a sizable down payment if that is a possibility for you at this point. Another possibility is a seller second mortgage if the primary would allow it. I live right near Southwest schools and I believe there are some homes nearby that would consider creative financing options. If I can help or recommend a mortgage person, please let me know.

Len Montgomery

Jba,
First Jason is correct it usually is 18 to 24 months after the "discharge date" of a bankruptcy.

One thing I would caution you on is giving too much information on your financial situation. By doing this you are harming your negotiating position. For instance say if Jason represented you as a client and you wanted to buy one of my listings I now know about how much you can afford. That hurts your negotiating position.

Your first move would be to contact a lender and start that process. Even in a lease/purchase option they will want to know how long before you can move forward and buy.

My recommendation is to contact a lender and a buyer's agent. You can then start this process the correct way with people working for you and supporting you.

Hope this helps,

Jba,

Typically you are looking at about 18-24 months after discharge until you can obtain financing. I would be more than happy to put you in touch with a couple of lenders that would be abe to give you a difinitive answer. If you can not obtain financing yet, there are homes available that offer a lease option. What neigborhood are you in now? I have placed a few buyers in the last year in lease to own homes, so I am familiar with the process. Please feel free to contact me if I can be of any service to you.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors