Financing in Parker>Question Details

Betty Fryman, Renter in Castle Rock, CO

We just had a bankruptcy discharged. Is there a gov't backed program that would help us get a mortgage now?

Asked by Betty Fryman, Castle Rock, CO Sun Sep 1, 2013

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Help the community by answering this question:


The FHA has a new loan that allows you to purchase 1 year after your bankruptcy. The guidelines for this program are:
IF your income was reduced by 20% or more for 6 months or more
AND that was the direct cause of your short sale, bankruptcy or deed in lieu
AND you were current until the income reduction
AND you have had good standing credit for the past 12 months or more
AND the income reduction is now cured
AND you attend housing counseling
THEN the waiting period post short sale, bankruptcy, or deed in lieu is reduced to 1 year.

Here is a link that will provide you with more information:

If you need any further assistance,
Crystal Maxwell
3 votes Thank Flag Link Thu Sep 12, 2013
Great Answer Crystal. Correct on all aspects...
Flag Fri Sep 27, 2013
I really appreciate your answer. I have a much better understanding now. It's not going to be as easy as some have insinuated.
Flag Thu Sep 12, 2013
Hi Elizabeth,

CHFA is a good government loan and I have 2 clients using them specifically. Of course, there are requirements that need to be met, just like any FHA loan.

While I am sure you will get many different view points here, I am a firm believer of the 2 year rule. Begin to rebuild your credit, establish you are paying on time and then after 18 months, begin working with a lender. Then right at 2 years, you will be ready to purchase.

I have a few lenders I could recommend if your interested.

Feel free to call anytime with questions.

(720) 490-1687
1 vote Thank Flag Link Sun Sep 1, 2013
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