Home Buying in Riverdale>Question Details

Ruth Mancisi…, Home Buyer in Albany, GA

HOW LONG DO I HAVE TO WAIT AFTER CLAIMIMG CHAPTER7 TO OBTAIN A MORTAGE?

Asked by Ruth Mancision, Albany, GA Wed May 2, 2012

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3
Dear Ruth:

It is 2 years/24 monthes from the discharge date. Make sure of the discharge date and that they are recorded are the same. Do keep your credit building and timely during the wait for that time to come and approach. Having lates after a BK is not a good thing for that wi=ould not look favorable for applying for a mortgage.

I have many success stories with buyers that have a BK, chapter 7 and then purchase and close on a home the day after the anniversary.

Thank you for taking the time to consider.

Lynel Adams
Sr. Mortgage Loan Officer
NMLS # 359696
Silverton Mortgage Specialist
770-318-6740
0 votes Thank Flag Link Thu May 3, 2012
For an FHA mortgage, HUD requires that at least 24 months must have elapsed from the Discharge Date of a Chapter 7 Bankruptcy. Will you not be able to have any new late payments or derogatory informaiton after the BK.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Thu May 3, 2012
2 years and 1 day for an FHA loan. Be sure to keep ALL payments current during this time, and try to open new credit, even if it is a secured credit card so your credit scores go back up. Do not get loans from finance companies.

Good luck time will fly by and before you know it you will be buying a new home!

Lori Beardslee
Branch Manager
Silverton Mortgage
(770) 527-1375
loribeardslee@silvertonmortgage.com
0 votes Thank Flag Link Wed May 2, 2012
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