It is a question that has been asked of me many times. In my experience, those who have gone down a similar path and aggressively attempt to repair their credit have been able to qualify for a new loan in as little as 2-3 years. Your situation sounds hopeful. Being that I am not a licensed lender, I can not give you an accurate picture of the ever changing requirements in our current lending environment. The best thing you can do is to contact a lender and have them give you some insight on your financial status and ability to qualify for a new loan. It sounds like you have a sturdy foundation now. Running your credit again to apply for a loan should not damage your credit score.
If you do not have a lender in mind, I always recommend Stephen Cecco at Castle and Cooke Mortgage. You can reach him at 505-453-6543. Best of luck and I look forward to you having a prosperous future.
you can contact me at,
Joel Sanchez - Venture Realty Group
The U.S. Department of Housing and Urban Development (HUD) recently announced the â€œBack to Work â€“ Extenuating Circumstancesâ€ program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUDâ€™s minimum eligibility requirements.
This is a home study course on credit intelligence. It has the latest information about rebuilding credit after bankruptcy, and how to get the lowest rates on your loans. Take a look.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
First of all, congratulations on your success in coming through your BK. It sounds like you're on the right track. My background is in mortgages, however, I gave up my license within the last month to pursue my license in real estate and investing. I coach clients on dealing with their finances and rebuilding after 'life events' happen. I'm happy to help if you want more depth than provided here.
Chapter 7 BK is a slippery slope when applying for a new mortgage. Lenders have different timelines depending on the details that lead to your BK. Each situation is different. Chances are that you'll need a minimum of 3 years since the discharge date if the loan you're looking at is FHA and 4 years with a conventional loan.
Washington Federal here in town has some unique programs that may be able to work around the BK as they keep their loans in house. Their rates are quite competitive and they are somewhat flexible with their lending guidelines. It's worth a conversation. They may ask for a larger down payment to assume the risk, so you'll want to check with them for guidance.
You have A LOT of options! Plus, there are some great incentives for buyers right now from down payment assistance to new carpet, fresh paint and new appliances. Then, we're reaching the end of the year and there are banks and home builders looking to get inventory off their books.
If you haven't already met with a mortgage lender, that will be the very first step. Knowing your buying power and options is crucial. Rates are low, so you'll do well there.
Meanwhile, narrowing where you'd like to live in Albuquerque is the next phase. You can perform a home search at http://www.syan.com/search and view real-time search results with all available photos.
You can also setup free listing alerts at http://www.syan.com/alerts. You'll know when new listings hit the market before most real estate agents do.
Let me know the questions that you have, and I'll be happy to assist.
Syan Real Estate
Call/Text: (505) 730-8181
Call them direct, or call me to discuss.
The best thing to do is get approved with your lender first. If you need help with this process, please let me know. Once you have been approved then you are free to start view homes. Please give me a call so we can talk more about the details. You may reach me at 505-615-0436.