Home Buying in 87110>Question Details

Rbailey, Home Buyer in Albuquerque, NM

I filled bakruptsy last year in march do you know if that will hert me on buying a home?

Asked by Rbailey, Albuquerque, NM Mon Mar 19, 2012

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Two years is the minimum time elapsed for an FHA loan, and non-FHA could be as long at 7 years. The most important thing for you to do right now is figure out your finances and re-build for the future. Work with a credit counselor and/or a financial planner to get your credit score back up and establish a solid finacial footing.
Alternatley, if you have the resources for for a 15% to 20% down payment you might be able to look for a properties available on seller financing. If your interested in getting a list of homes available with seller financing, give me a call at 505 440-6293 or Email ABQhomeswithchris@gmail.com
1 vote Thank Flag Link Mon Mar 19, 2012
There is more to it than just time since discharge of bankruptcy. They will still look at credit score and credit history, employment history, payment history and income. Then depending on the lender, they may require 2 or more years since the discharge. Best to check with lenders in your area.
1 vote Thank Flag Link Mon Mar 19, 2012
short answer..... YES..... you can buy on real estate contract... Refinance later
0 votes Thank Flag Link Wed Mar 21, 2012
I agree with the answers, expect a wait of 2 years or more, but it is a holistic financial question, a lender will need to look at all your assets and incomes.
0 votes Thank Flag Link Mon Mar 19, 2012
Hi, I'm told by a local mortgage specialist that after a bankruptcy you have to wait two years before you could qualify for an FHA or VA loan and have a 620 credit score. Only one year to go. Give me a shout when you're ready and I can help you get situated.

Blythe Camenson
Century 21 Camco
0 votes Thank Flag Link Mon Mar 19, 2012
Not after March 2014, if you re-establish credit and make all of your payments on time prior to that. Good luck,
0 votes Thank Flag Link Mon Mar 19, 2012
Yes, typically you have to wait 2 years but it can be one as well. Each buyer is considered individually. I am a lender and you can call me and I'd be more than happy to answer all your questions.

Jewel Casablanca-Wagner
Senior Mortgage Consultant
Gateway Mortgage Group
0 votes Thank Flag Link Mon Mar 19, 2012
jewel definitely knows the financial area....
Flag Wed Mar 21, 2012
Generally with a bankruptcy you have to wait 10 years before your credit is in good enough health to be considered. However, you can work with a credit rebuilding company to speed up the process. Short answer being if you filed bankruptcy last year and you are trying to get a loan on your own, yes it will affect you. Your situation may vary depending if you have a co-signer or if you are a cash buyer. If you are a cash buyer then you have nothing to worry about.
0 votes Thank Flag Link Mon Mar 19, 2012
Generally, local lenders may consider you as an eligible buyer two years from the day of discharge. Now, additional qualification criteria is still necessary (e.g. employment, credit score, etc.). Connecting with a lender now, could be in your best interests. A lender can help give you a broad view of what currently needs to eb done to pave the way to home ownership.

If you'd like for me to get you in touch with a mortgage specialist, call, text or e-mail me. I'm a local Realtor who can help guide you through the process.

Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Mon Mar 19, 2012
Yes. Bankruptcy is going to make it more challenging to get bank financing. You might be better off looking for a home where the seller offers owner financing or lease with an option to purchase. If this is something you want to explore let me know. We can help you find that next home on terms. Visit us and send us an email.
0 votes Thank Flag Link Mon Mar 19, 2012
In New Jersey the short answer is YES!. Regards,
0 votes Thank Flag Link Mon Mar 19, 2012
You need to check with your lender to determine which programs require how much time. Some require as much as 4 years since bankruptcy, but there may be others that have much less, but charge a higher interest rate. Your credit score will also be a determining factor. Check with Jason Pike at (505) 828-9400 and he can tell you right away. You may want to make a plan to improve your score if it is still too low.
0 votes Thank Flag Link Mon Mar 19, 2012
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