Susan, Home Buyer in Newburgh, IN

My current home was discharged in Chapter 7 Bankruptcy in 5/11,is it possible to obtain a loan for a new home, credit score is 710.

Asked by Susan, Newburgh, IN Mon Oct 17, 2011

Am also interested in a rent to own option for a 2-3 BR home with a garage, can put down a payment of $5,000.00 at present time and can pay up to $500/month for rent.

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Yes you do qualify now for a new program for FHA by HUD for people in your shoes you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
0 votes Thank Flag Link Sun Sep 1, 2013
Susan some types of loans require a 2 year wait from discharge but not all, as far as getting anew mortgage, your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for given your credit score and bankruptcy info.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…


Please see my blog for a full list of tips and advice on getting a mortgage in todays market
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 17, 2011
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