Home Buying in Nampa>Question Details

Angela, Other/Just Looking in Nampa, ID

How long after bankruptcy can you buy a house? Filed chpt 7 one day before foreclosure. House was discharged in bankruptcy. House foreclosed 2yr after

Asked by Angela, Nampa, ID Mon Jul 30, 2012

Do both show up on credit report or do you go by bankruptcy date. It was due to a medical situation.

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12 months after a BK you're now eligible for a new HUD program for an FHA loan, as long as you have reestablished positive payment history.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” 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 HUD’s minimum eligibility requirements.
0 votes Thank Flag Link Thu Oct 24, 2013
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Flag Thu Oct 31, 2013
The benchmark for conforming financing will be 2 years for VA, 3 years for FHA, and 5-7 years (depending on the lender) for conventional. Unfortunately the date this is measured from is the later of the Chapter 7 discharge date or the date the bank ultimately foreclosed on the home (after bankruptcy). It doesn't seem fair that the date begins at the foreclosure date if the home was included in the BK...but the rules still require lenders to follow these dates. There is a local lender in the Boise area who will loan in this situation with 20% down for a personal residence if work history is good and overall credit has is now okay. Feel free to call at 989-5777 with further questions or if I can assist you.
0 votes Thank Flag Link Tue Jun 11, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes Thank Flag Link Tue Jun 11, 2013
Since lenders are the people who deal with credit and issues of foreclosure and bankruptcy on a daily basis, they are the best professionals to talk with concerning your question. They are going to be able to talk with you and give you the guidance and answers that best fit your situation. The broker/agents that answered your questions have given you good advice. I would just like to say that you need to find a lender that you feel comfortable with, talk with them and find out what avenues are available for you to move forward. If they cannot do anything for you at this exact time, they will be able to help you with any issues you need to address now and help you to keep on a path to home ownership in the quickest time possible.
If you need names of some great lenders, please let me know. I can send those names on to you.
0 votes Thank Flag Link Wed Aug 1, 2012
If you owned a house and it was included in the Chapter 7 then it will typically take 3 years to obtain conforming financing (i.e. FHA) financing again. Lending rules will typically allow a buyer to get a new loan in 2 years after Chapter 7 discharge if the house was not included. If you have cash available for 20% down (which can be taken from a 401K or IRA) then it is possible to buy immediately after Chapter 7 discharge. Your chances are even better if your BK was due to medical reasons. There is a local credit union that does "second chance" loans in this situation. I would be happy to provide more information. I can be reached at (208)989-5777 or tami@heritage-realestate.com.
0 votes Thank Flag Link Mon Jul 30, 2012
Hi Angela. We just helped a buyer purchase a home after filing Chapter 7 and short selling their prior home. They were not able to obtain their mortgage to purchase this new home until two years after their bankruptcy discharge date. Yes, both the bankruptcy and the foreclosure will most likely show up on your credit report; however, if your reason for filing bankruptcy was medical and that can be documented AND you are able to keep your payment history on time and your credit clean for the next two years, you should be able to buy another home two years from your discharge date. We have a lot of experience with this type of situation, so if you have further questions you are more than welcome to email us at "douganddebbie@homesofidaho.com" or call us at (208) 880-1455. Good luck with everything!
0 votes Thank Flag Link Mon Jul 30, 2012
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