Foreclosure in 32246>Question Details

Kathy Palmer, Home Buyer in Jacksonville, FL

how long do i have to wait to qualify for a mortgage after filing chapter 7?

Asked by Kathy Palmer, Jacksonville, FL Tue Apr 24, 2012

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Irina Karan’s answer
Hello Kathy,

I agree with Jeff and George...It takes time to prepare credit wise (credit re-establishment is very important in this case) and asset wise. Makes sense to go see a reputable mortgage person to see what budgeting you'll need to do to prepare for downpayment, closing costs, home inspections, home/flood insurance costs, having reserves after the closing. There are great books on re-establishing your credit - on how to open new credit cards, like secured cards that get reported to the credit bureaus etc.

Best of luck to you,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Apr 25, 2012
Hi Kathy,

A couple years at a minimum. It doesn't hurt to speak with a couple lenders during the recovery period, though. Most can do a quick pre-qual free of charge and let you know where you are in the process. My mortgage office even offers a free program to help get you back on track as quick as possible. Call if you're interested. Our headquarters is in Jacksonville.

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
0 votes Thank Flag Link Tue Apr 24, 2012
2 years for VA
2 years for FHA
3 years for USDA unless the lender can get an automated approval through GUS
4 years for Conventional
0 votes Thank Flag Link Tue Apr 24, 2012
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