Financing in Fort Mohave>Question Details

Rsilver, Renter in Fort Mohave, AZ

i was discharge from bankruptcy in may would a bank finance me for a home loan with 20 percent down

Asked by Rsilver, Fort Mohave, AZ Fri Jul 22, 2011

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Hi RSilver:

I am afraid the answer is "no" at this time. In order to give you more information about when you can buy we need to know what type of bankruptcy and what type of loan you are going for (Conventional, VA or FHA). For a Chapter 7 bankruptcy conventional is usually 4 years, with as few as 2 if you can meet the very restrictive "extenuating circumstances" requirement; FHA is generally 2 years; as is VA. For a Chapter 13 bankruptcy, conventional is generally 2 years from discharge date; FHA is 1 year with good re-established credit; and, VA is the same as FHA.

Bill Parker, Loan Officer
AZ Lic# 09011570
NMLS #223607
CPA--Licensed, no longer practicing

Legacy Group Lending, Inc.
15333 N. Pima Road, Suite 300
Scottsdale, AZ 85260
(O) 480-993-3080; (M) 602-565-3646; (F) 480-993-3081

MISSION STATEMENT: To create an unbelievably enjoyable experience for my clients, while guiding them through the most important financial transactions of their personal lives. My clients know me as their Mortgage Lender for Life. I truly appreciate your referrals.

If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.
Red Adair, Oil well firefighter
1 vote Thank Flag Link Fri Jul 22, 2011
I was discharged from a chapter 7 in october of 09 and tried to refinance my home but was turned down even though I have over 20 per cent equity. I was told I would have to wait 4 years after discharge. It will be 4 years for me next month. Good luck
0 votes Thank Flag Link Tue Sep 3, 2013
You are most welcome, Jose! Have a great weekend, everyone!! Only 102!!! :)
0 votes Thank Flag Link Fri Jul 22, 2011
If it was a Ch 13 BK discharge you should be fine - as with a Ch 13 BK you just need 12 months of on time payments & court permission... if a Ch 13 BK is discharged, assuming it's been 12 months from the filing date, then it would meet FHA guidelines. However in the situation of any bankruptcy you'll need at least 12 months of re-established credit, in a Ch 13 BK that credit can be established during the repayment plan.
0 votes Thank Flag Link Fri Jul 22, 2011
Hi Bill,

Thank you for the info. Your answer was clear and to the point. Thank you.

Jose Dias, REALTOR
(623) 418-5700
Realty One Scottsdale
0 votes Thank Flag Link Fri Jul 22, 2011
I am not a loan officer, but based on my own experience I believe it would be very, very difficult to qualify. You may want to consider a seller financing home, where the seller is willing to finance the purchase for a few years (usually between 3 and 5 years). Most sellers will take between 10% and 20% down.

Good luck!

Jose Dias, REALTOR
(623) 418-5700
Realty One Scottsdale
0 votes Thank Flag Link Fri Jul 22, 2011
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