Home Buying in Canton>Question Details

Daisymae, Home Buyer in Canton, OH

can you buy house when you have filed bankruptcy?

Asked by Daisymae, Canton, OH Tue Feb 22, 2011

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Hi Daisymae,

Here are some guidelines that FHA will use to determine if you will qualify for a loan after a bankruptcy:

1) Twenty four months have passed since the bankruptcy has been discharged.

2) Any outstanding tax liens have been paid or the appropriate arrangements have been made via a repayment plan on file with the IRS or Department of Revenue.

3)Three years have passed since a foreclosure or a deed-in-lieu has been resolved.

4) All judgments have been paid.

So while bankruptcy is not always a death sentence when it comes to buying a home, you may have to pay a higher interest rate on your loan. Don't let it discourage you from contacting a local mortgage lender. They will be able to help you either get pre-approved or help you take the steps to rebuilding and repairing your credit for the future.

Best wishes!
Christine Vick
Re/Max Edge Realty
2 votes Thank Flag Link Wed Feb 23, 2011
Hello Daisymae,

My understanding of bankruptcy is major purchase that add new debt have to be approved by the Court. I would recommend you consult with an attorney about this matter and then check with a loan officer.
1 vote Thank Flag Link Tue Feb 22, 2011
There are a lot of factors involved including but not limited to when you filed? Please speak with a lender or your bank. They can sit you down, show you where you are at, what you can do to improve your situation and they can provide you with "real" time lines as what to expect. The best part, it will not cost you anything to find out.

Best of luck.
0 votes Thank Flag Link Fri Feb 25, 2011
All of the above is good advice. The best thing to do is to call a few lenders and see what their guidelines are. Include a mortgage company in the mix of your calls, often they can offer programs major named banks can not.
If you are not at able to purchase a home at this time, the lender should be able to give you some tips on what to do to achieve your home ownership goal

Best of Luck
Lori Hair
0 votes Thank Flag Link Fri Feb 25, 2011
I have been doing some intresting buying with my clients lately.. you can be 18 months out of bkt and still buy a home with certain banks.. you can be 2 years out with others. Just depends on your situation.. but yes there is hope and everyone deserves a home.. if you would like to try let me know! I will be glad to help you Thanks Ann Norton at annsellsohio.com
0 votes Thank Flag Link Tue Feb 22, 2011
Was the bankruptcy discharged....without any financial information, consider visiting with any qualified loan officer(s)-- after reviewing your information, overall financials, credit, debt, etc., a determination on qualification can be made, how much, how much down, etc.; if you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future.
0 votes Thank Flag Link Tue Feb 22, 2011
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