Financing in Cleveland>Question Details

Lydia Hines, Home Buyer in Tampa, FL

will iI be able to get conventional financing 3 years after banruptcy with one paid collection?

Asked by Lydia Hines, Tampa, FL Sat Mar 16, 2013

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As Cecilia said, lender want to see 2 years after a bankruptcy for FHA Financing. With Conventional Financing and a Chapter 7 bankruptcy you need to wait for 4 years before which you can qualify for a conventional mortgage. With Chapter 13 bankruptcy 24 months must elapse from the discharge date or 48 months from the dismissal date. These time frams can change if there was a Forclosure, so it is in your best interest to speak with a Lender. The paid collection should also be discussed with the lender that you choose to work with.
0 votes Thank Flag Link Sat Mar 16, 2013
Typically lenders want to see 2 years from discharge with the beginnings of established credit. You will want to talk over your entire situation with a qualified lender. Feel free to connect with us to get answers and assistance. We're always happy to help...

Cecilia Sherrard & Andrew Ginter
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0 votes Thank Flag Link Sat Mar 16, 2013
Too many unknowns for an accurate answer....was the bankruptcy discharged, current credit score, etc., therefore for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Mar 16, 2013
credit score is 630, I just paid the only collection off on my report, bankruptcy dischared 3 years ago
Flag Sat Mar 16, 2013
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