Home Buying in Ardmore>Question Details

xtreemcoopon, Other/Just Looking in Philadelphia, PA

I'm pretty sure I'm filing for Chapter 7 in the next few weeks. I want to know how it will impact my ability to obtain a mortgage in the future.

Asked by xtreemcoopon, Philadelphia, PA Tue Nov 12, 2013

I just started a new job and would also like to know if 2 years of work history will be long enough to qualify for a mortgage after bankruptcy.

And, if the answer is yes, it will be possible to get a mortgage, what should I do now and after discharge to ensure I'll meet FHA's requirements?

Help the community by answering this question:

Answers

4
The bankruptcy may remain on your report for up to 10 years. Most mortgages have at 2 year waiting period from discharge of ch 7. You will need to re-build your credit, keep good records such as tax returns, bank statements,
0 votes Thank Flag Link Wed May 21, 2014
Brian gave very good insight xtreemcoopon. At least 2 years in the same line of work is required as well if you are a 1099 individual, must have 2 years of tax returns. After the discharge of the bankruptcy very important to try and get any credit and start establishing a good paying track record. As Brian stated, be careful with your finances save as much as you can because a 3.5% down-payment will still be required when you purchase.

Best of luck to you,

Rob Hughes-Long and Foster RE Inc.
0 votes Thank Flag Link Wed May 21, 2014
Brian gave very good insight xtreemcoopon. At least 2 years in the same line of work is required as well if you are a 1099 individual, must have 2 years of tax returns. After the discharge of the bankruptcy very important to try and get any credit and start establishing a good paying track record. As Brian stated, be careful with your finances save as much as you can because a 3.5% down-payment will still be required when you purchase.

Best of luck to you,

Rob Hughes-Long and Foster RE Inc.
0 votes Thank Flag Link Wed May 21, 2014
Most waiting period after short sales, foreclosures, and bankruptcies are around 2 years from the date of the discharge, but can be more depending on your current finances, financial record, your lender/loan type, and circumstance of the loan. I recommend that you be careful with your finances in the years to come. You should also try to build up your credit. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! Brian Nguyen Sr. Mortgage Banker Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 10, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer