Home Buying in 46051>Question Details

waymanvb, Other/Just Looking in 46051

Our bankruptcy was discharged in March 2012. How long will it be before we can reapply for a house loan,?

Asked by waymanvb, 46051 Wed Jan 15, 2014

Help the community by answering this question:


Hi Waymanvb,

It depends on a couple of things like which chapter of bankruptcy you filed, whether or not you included a mortgage in the BK and why you filed BK.

Here's what your looking at:

Chapter 7:

If you filed chapter 7, the standard FHA waiting period is 2 yrs from the discharge UNLESS you included a mortgage, then it's going to be 3 yrs from when the bank takes back title to the home.

The wait time can be cut back to one year even if you included a mortgage if you qualify under the FHA Back To Work Program which makes an exception if your BK was the result of either a job loss or reduction of income by 20% or more for at least 6 months.

Check out my recommendations here on Trulia from some of my past clients by clicking the following link.


Please feel free to contact me for more information or help. You can also find info on my FHA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes Thank Flag Link Fri Jan 17, 2014
You can try F. H . A. After one year if you did a 13. 2 -3 Years if you did a chapter 7. Remember it all depends on the state you are in -- the time period-- and when you started. here is a web site with good information --for the fed.http://homeloanartist.com/2011/08/buying-a-home-after-bankru… You can buy on contract anytime. For conventional loans you can do loans when you are final and the lender says enough time has passed-- that could be 6 years or more you just have to check. Don't forget reverse you can do that anytime you have 50% down or so without payments if you like.
0 votes Thank Flag Link Thu Jan 16, 2014
There are so many variables to consider. Depending on your credit history prior to the BK and depending on your most recent credit history, some small banks may work with you. There is a brand new FHA program that may allow you to get a mortgage loan less than the previous 3 year time frame. But there are conditions of this loan and you must qualify in those loan guidlelines as well. I know of two lenders who are providing these new FHA Loans. Becuase of the economy and job market, I have found there is a need for other "options" in buying a home.. we have a system to help you. I do work with a credit coach if you desire that service. Please feel free to call or email.
765-640-1900 Diane
0 votes Thank Flag Link Thu Jan 16, 2014
It depends on the type bankruptcy (Ch 7, 11 or 13) and the type of loan you would be interested in. Please email me at sfloyd@c21scheetz.com and I will send you some guidelines.
0 votes Thank Flag Link Wed Jan 15, 2014
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