If it is chapter 13 as long as payments have been made on time for last 12 months and paid on for last 24 months or longer toward bankruptcy pay back to lender then you would be ok to purchase as long as you met the credit score requirement at that time and debt to income ratios.
Everyone has given you good advice. Your best bet is to get with a mortgage lender that will assist you in looking at your credit, income, etc and advise you as to the steps you need to take that will get you where you want to be. Make sure to get with a good Realtor also, that you feel comfortable with. There are alot of good realtors around along with mortgage lenders, just get the right fit for you.
"Will I ever be able to own a home after filing bankruptcy?
Yes. The filing of a bankruptcy case does not prevent a person from ever owning property again. It may take some time before you rebuild your credit enough to borrow funds at a reasonable interest rate for the purchase of a house or car. " Good luck, and if you need a good Realtor when you get pre-approved for a mortgage, give us a call!
For an FHA mortgage, HUD requires that at least 24 months must have elasped since the Discharge Date of a Chapter 7 Bankruptcy. If it was a Chapter 13, you can still be in it as long as you have 12 months of on time payments and permisison from the Bankruptcy court to purchase a home.
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) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing