Home Buying in Denver>Question Details

Tera Flores, Renter in East Colfax, Denver,...

How soon after a bankruptcy can I buy a home? Mine was discharged in March of this year and I need to get out of this apartment!

Asked by Tera Flores, East Colfax, Denver, CO Fri Dec 27, 2013

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11
Hello Tera,

We can approve a mortgage with no wait after Short-Sale or Foreclosure and only 2 years after BK discharge. You can even have a BK & Foreclosure or Short-Sale but only one in the past 5 years. It's a 20% down-payment and you will need a 620 mid FICO score. You can contact me on my website below if you would like more info.
Web Reference: http://www.craigbosse.com
0 votes Thank Flag Link Thu Jan 9, 2014
Tera: This is changing all the time. The "Back to work" program requires 12 months after bankruptcy, foreclosure or the like, and you must have had a documented economic loss of at least 20% of your income for a period of 6 or more months. Furthermore, you must have had good credit prior to the event and re-established credit after the event.

I recently posted a great article about Fannie Mae changes on my FB page https://www.facebook.com/coloradolifestyle

In addition, there other programs or even options for you. Feel free to contact me and we can discuss various options available to you.
0 votes Thank Flag Link Thu Jan 2, 2014
Borrowers who lost their homes through foreclosure or short sale will no longer have to wait three years to get a FHA mortgage to buy another home. FHA's back to work program has shorten the waiting period. Check out http://www.whywaitbuytoday.com for more details.
0 votes Thank Flag Link Sun Dec 29, 2013
As far as I can tell from this company, is that they deal only with CA and AZ. At least that is what the web site indicates. If they call me, I will ask if they can do CO as well....
Flag Sun Dec 29, 2013
For a free consultation call David Ruch, New Millennium Homes, 303-888-6114. He has PLENTY of options for you, and has been in the business of helping people for 30 years. I have used him for my 'recovery' from a Short Sale. He has my trust for finding the best solution for anyone in a distressed situation. -tedD
0 votes Thank Flag Link Sat Dec 28, 2013
The "Back to work" program requires 12 months after bankruptcy, foreclosure, etc. and you must have had a documented economic loss of at least 20% of your income for a period of 6 or more months. Furthermore, you must have had good credit prior to the event and re-established credit after the event.

If you have a large cash deposit, you may be able to get into a lease to own property. Otherwise, I would recommend renting from an individual owner (so you can explain what caused the BK, etc) Most larger management companies will do a criminal and credit background check and may disqualify you do to the BK.

Please feel free to call me with any questions. 720-333-5363
0 votes Thank Flag Link Fri Dec 27, 2013
Hello Tera, Depending on your personal circumstance there is a FHA Program called the Back To Work Program that helps people buy homes after this devestating circumstance. It waives the standard waiting periods that FHA required. If you will like more information please call me and I can be sure you qualify. Thank you STeve 303-507-5523
0 votes Thank Flag Link Fri Dec 27, 2013
It would depend on the circumstances of why you had to file bankruptcy and also what chapter of bankruptcy you filed and what type of loan you are looking to obtain. I would be more than happy to chat and see if this is something we would be able to assist you with 12 months after or if you would have to wait longer.
0 votes Thank Flag Link Fri Dec 27, 2013
Great video Michael.
Flag Fri Dec 27, 2013
That is a tough question to answer because it seems to be a different answer for each person. I would start with a loan officer that can review your file and pull your credit scores. This is the 1sdt step to getting back on track. Below is a link to a video I did about this topic. I hope it helps you.

Tom
0 votes Thank Flag Link Fri Dec 27, 2013
Rochelle, that would be wonderful!! Should I email you directly for the information?
0 votes Thank Flag Link Fri Dec 27, 2013
Tera, you can reach me at rochelle@milehighhomeguide.com
Flag Fri Dec 27, 2013
Yes, that would probably be the best way and then I can introduce you to the lender. He will be very blunt and honest with you.
Flag Fri Dec 27, 2013
One of my lenders can usually get you a new loan after 1 year depending on certain items -- I'd be happy to connect you with him so he can answer all of your questions. He just approved one of my clients just recently and she's only a year out.

let me know

Rochelle Landau
Property Specialist
303-502-4930
rochelle@milehighhomeguide.com
0 votes Thank Flag Link Fri Dec 27, 2013
Tera,

This is a hard question to give a definitive answer on as it is dependent on many things, most importantly, how clean you keep your credit from this point forward. You can get your credit score for free (really free with no signing up for anything) at http://www.creditkarma.com. The site will even give you advice on how to improve your credit score. It will probably take a while but once you get above 620 (640 would be better), you can seriously start applying for a mortgage.

Good luck!
0 votes Thank Flag Link Fri Dec 27, 2013
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