For a Charter 7 Bankruptcy you can obtain a Fannie Mae or Freddie Mac loan 4 years from the date of dismissal or discharge.
For a Charter 7 Bankruptcy you can obtain a FHA loan 2 years from the date of dismissal or discharge with reestablished good credit (& a 640+ fico score).
For a Charter 13 Bankruptcy you can obtain a Fannie Mae or Freddie Mac loan 4 years from the date of dismissal or 2 years from the date of discharge.
For a Charter 13 Bankruptcy you can obtain a FHA loan after 1 year has elapsed with satisfactory payment performance. Permission from the court to obtain a mortgage is also required.
Hopefully this helps.
Lenders do have an FHA program that is more lenient on the credit score and looks at over all credit profile. I recomend contacting David Radke at Standard Bank. He is excellent at helping people to improve their credit and purchase a home. He can be reached at (312)218-4888
It sounds like you might be one more year away from buying a home. You need your credit score in the 650+ range.
I always appreciate your referralsâ€¦
The good new is that you are on your way on the up and up - but you will need to continue to buiild your credit to qualify. A 640 is a low- average credit score and the minimum requirement for most lenders for FHA financing. I would recommend speaking with a lender to build your credit so that you can make sure you not only qualify for a loan - but also make sure you qualify for the most cost effective loan, and credit score can play a key part.
I would be happy to help if you would like to speak
Senior VP of Mortgage Lending
773 290 0455