Home Buying in 60435>Question Details

Kimberly Rae…, Renter in Joliet, IL

How long should my husband and I wait after bankruptcy to get a small home loan around 100,000 with 10% down and our credit scores are in mid 600's?

Asked by Kimberly Rae Offerman, Joliet, IL Wed Jan 15, 2014

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Hey Kim, I may have missed the BK specific part in my previous response. For an FHA loan you need to wait 2 years from the discharge date if it was a Chapter 7. If it was a Chapter 13, you need to have 12 consistent on time payments and a qualifying credit score to be considered for a mortgage. Hope this helps.
2 votes Thank Flag Link Wed Jan 15, 2014
Thanks! I forgot to put the BK part in first question! We both filled chapter 7 before we got married but his was discharged 1 year ago next month and mine was discharged in August ! Thanks again!
Flag Wed Jan 15, 2014
Without much information it depends--is the bankruptcy discharged, and what type was it...so for a personalized answer visit with any licensed loan officer...
1 vote Thank Flag Link Wed Jan 15, 2014
Hello Kim,

Unfortunately for a Chapter 7 Bankruptcy, you would have to wait until it has been 2 years from the discharge date. Feel free to contact me with any other questions.

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
0 votes Thank Flag Link Wed Jan 15, 2014
Hi Kim. Oh - bk changes things a little. I would still talk to some lenders. Conventional loans will require a 2 year wait from the date of dismissal/discharge. But if you have a 20% income difference and some other factors, you may be able to take advantage of an FHA loan program .

Feel free to contact me and I can give you a good lender in your area.

Suzanne Hamilton
Managing Broker/Owner
RE Homes Source
0 votes Thank Flag Link Wed Jan 15, 2014
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