Home Buying in 38127>Question Details

Bennie Wilson, Renter in Memphis, TN

I've been on my job almost 6 years and i am trying to reestablish my credit but had to file bankruptsy. ?

Asked by Bennie Wilson, Memphis, TN Mon Dec 24, 2012

I'm trying to move next month. Is there a mortgage company that can help me

Help the community by answering this question:


Maybe. Visit my website http://buyselltnhomes.com and click on the Partners/View All Partners right side. Contact Jeff at RH Lending - he told me he could go 580. He might be able to help with your bankruptcy.
0 votes Thank Flag Link Mon Jan 21, 2013
I just read this on another link here but it is very informative so I will copy and paste her answer here!! Wish I had the name but it was from a mortgage broker in Denver CO. If is was a Chapter 13....
FHa mortgage financing does not require 2 years from discharge for a CHapter 13 bankruptcy. In fact, you do not even have to have the bankruptcy discharged to be able to obtain FHA financing after a Chapter 13 bankruptcy. The requirement is that you have a history of 12 on time payments towards the Chapter 13 bankruptcy, documented through the court, and approval from the court to enter into a mortgage agreement.

Here is the exact wording from the FHA guidelines: (pg 144 at the link provided)
A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an
FHA-insured mortgage, provided that the lender documents that
• one year of the payout period under the bankruptcy has elapsed, and
• the borrower’s payment performance has been satisfactory and all required payments have been made on time.
The borrower must receive written permission from the court to enter into the mortgage transaction.
Hope that helps.
0 votes Thank Flag Link Tue Jan 15, 2013
If you filed Chpt 7, you will have to wait 2 yrs from your discharge date and reestablish credit before you buy a home.

With a Chpt 13, you will have to reestablish credit and wait 1 yr from discharge date.

Hope this helps!

Laura and Jason
Selling homes for a decade!
0 votes Thank Flag Link Mon Jan 7, 2013
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