B) There are very specific guidelines related to BK, and you DONT need a "portfolio" lender to do these.
C) Your bankruptcy waiting period is going to depend on the type of bankruptcy that you filed.
Was it a Chapter 7 or 13? Chapter 7 washes everything clean, and Chapter 13 puts you on a payment plan and you are not "discharged" until you finish with your payment plan.
With conventional lending, you need 4 years from a Chapter 7 discharge date, and 2 years from a Chapter 13 discharge date (after payments are complete).
However, with your FICO score, you probably wouldn't want to go with conventional in any case. So, both FHA and VA loans are as follows:
2 years from the discharge of a Chapter 7 BK, and 1 year from the discharge of a Chapter 13.
If you have any further questions at all, I am here to help in any way that I can (regardless of whether we ultimately make a commission)
The answer will depend on the type of BK, as some have stated below. It would also agree that an FHA loan will likely be the best program when you do meet the required wait time. FHA loans currently permit down to a 640 FICO with most banks/brokers. If you'd like to look at your present or future options at any time, we can do that without cost or obligation and I'm happy to help.
Your best bet is an FHA or VA loan, if applicable. The wait time is 24 months after BK discharge, unless the BK was due to medical. You can possibly enter into a lease option now pending your 2 year time frame. Please feel free to contact me. My pleasure to assist. We also have direct access to several Grant programs.
Business Development Manager
San Diego County
Ocmbancorp, direct lender
951 536 1217
Real Living Livestyles