For a Chapter 13 Bankruptcy, then you must have made at least 12 on time payments. Additionally, you must also have permission to purchase from the Bankruptcy Court.
In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.
If a mortgage was included in the Bankruptcy, HUD requires that you must wait at least 36 months from the foreclosure date to be eligible for an FHA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was not re-affirmed, there is not much that can be done until the property get foreclosed on.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
However, each deal is different with individual sellers having different tolerances for buyers with financial challenges. There are several investors out there right now buying properties to give opportunities to people in circumstances like yours.
Get a good agent, talk to a good mortgage broker. This is not something that you need to do on your own.
Katherine L. Morrison, Realtor
Team Realty Group
if you would like a referral to an excellent mortgage broker, let me know and I can send you details. Best of luck!
Rick Musto, Managing Broker
Buckhead Home Realty
We can discuss which of these Lenders best fits your mortgage needs.
My contact information can be found on my Profile at Trulia.com.
I look forward to helping you become a Homeowner.
Have a Good Evening,
Keller Williams Realty