Slm, Home Buyer in Jackson - University...

can u buy a home if you jus file chapter 7?

Asked by Slm, Jackson - University Area PD, Memphis, TN Mon Feb 22, 2010

i file chapter 7 and now i want to buy a home is that possible for me

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good afternoon....noi offense to my collegues below.but the answer to your question is yes.....assuming the bankruptcy trustee/judge allows it......the problem isn't can you buy a home.....the issue is can you qualify for a mortgage?...that jnswer is most likely .no...fha requires a two year seasoning after your ch7 discharge date....assuming it is a chapter 7.....very best regards......bob mcclure...first preferred mortgage- southfield, michigan.......
0 votes Thank Flag Link Mon Feb 22, 2010
You can typically find a lender that will give you a loan after a minimum of 12 months but more likely 24 months. However, you should confer with your attorney about the nature of your BK situation. Ensure you have fully discharged all your debt because any lender will require this to be done prior to originating any loans.
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0 votes Thank Flag Link Mon Feb 22, 2010
In most cases if it has been 2 years since your discharge and you have re-established credit. Your best bet is to check with a local and trusted mortgage broker, they can pull your credit and let you know if there are any programs that meet your needs
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0 votes Thank Flag Link Mon Feb 22, 2010
Standard response would be after 3 years.
0 votes Thank Flag Link Mon Feb 22, 2010
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