Home Buying in 92345>Question Details

Linda Moore, Renter in Hesperia, CA

buying after ch7

Asked by Linda Moore, Hesperia, CA Fri May 11, 2012

can i buy house 2 years after ch 7 even though house was only in spouse's name? I was not on the loan or deed or tax record. i want to buy in my name only. i've been monitoring credit score and pretty sure i can have a 650 score or better when time comes.

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BK is 2 years from discharge date or sooner if under special circumstance. We can get you approved with a minimum 500 fico with 10% down or as little as ,1/2%, half percent down with minimum 580 fico. Yes only $500 down per $100k purchase price with minimum 580 fico. If you are considering just out of city limits which are rural areas of the city, you can use the USDA Rural zero down purchase loan if you have a minimum 620 fico score. We also offer credit repair to raise you fico score to qualify. It only takes 3 days to 45 days to do credit repair. Check us out at http://www.Under640FicoScoreLoans.com or http://www.FrankandSheryl.com

Sheryl Arndt, Broker
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Fri Sep 7, 2012
You can get a FHA loan 2 years after BK 7 discharge. Make sure you go off the discharge date of the BK to start counting. Call me if you have questions.

ROb,
858-922-7899
0 votes Thank Flag Link Fri May 11, 2012
Depending on more details, the discharge date has to be 2 years or more. Feel free to let me know if you need assistance, however, your best bet is to speak with a lender first.
0 votes Thank Flag Link Fri May 11, 2012
Ex-spouse now by chance? Or are you keeping him?
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Fri May 11, 2012
Hello Linda, here are the most common scenarios and a breakdown of wait times:

FHA:

Chapter 7: 2 yrs.

Chapter 13: 2 yrs.

Foreclosure: 3 yrs.

Short Sale: 3 yrs.* Unless borrower was not late prior to short sale (on ANY obligation) and was not trying to take advantage of the market. For specifics click here .

VA:

Chapter 7: 2 yrs.

Chapter 13: 2 yrs.

Foreclosure: 3yrs.

Short Sale: 3 yrs.


VA High Balance:

Chapter 7: 7 yrs.

Chapter 13: 7 yrs.

Foreclosure: 7 yrs.

Short Sale: 7 yrs.

Conventional:

Chapter 7: 4 yrs.*

Chapter 13: 2 yrs. from discharge date or 4 yrs. from dismissal date*

Foreclosure: 7 yrs.*



Deed in Lieu: 2 yrs. if subject loan is 80% ltv or less

4 yrs. if subject loan is 90% ltv or less

7 yrs. if subject loan is over 90%ltv



Short Sale: 2 yrs. if subject loan is 80% ltv or less

4 yrs. if subject loan is 90% ltv or less

7 yrs. if subject loan is over 90% ltv



BK Chapter 7: a four year waiting period is required measured from the discharge date or dismissal date of the BK. A 2 yr. waiting period is permitted if extenuating circumstances can be documented.



BK Chapter 13: a four year waiting period is required for a Chapter 13 dismissal. A 2yr. waiting period will be permitted with extenuating circumstances.



Multiple BK filings: for a borrower with more than one BK filing in the last 7 years, a 5 yr. waiting period is required.



Foreclosure: A 7 year waiting period is required, and is measured from the completion date of the foreclosure sale date.



A 3 yr. waiting period is permitted if extenuating circumstances can be documented and the ltv rules are applied, MUST to be a purchase of a principle residence or a limited cash out refi on an owner occupied, second home or non-owner.



*What are extenuating circumstances: they are non-recurring events that are beyond the borrower’s control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations.
Web Reference: http://www.JORYBLAKE.com
0 votes Thank Flag Link Fri May 11, 2012
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