Home Buying in Moscow>Question Details

Curious, Home Buyer in Moscow, TN

is it possible to get a real estate loan if I claimed chapter 7 bankruptcy 6 years ago?

Asked by Curious, Moscow, TN Sat Dec 26, 2009

Help the community by answering this question:


Tonya is correct. If you have kept all your payments intact since the bankruptcy and you have stable income and decent credit then a chapter 7 from six years ago won't affect you.

By FHA guidelines you need only wait for two years, so you can get a loan and only put down 3.5% as a down payment.

Hope this was helpful.

Good luck.
1 vote Thank Flag Link Sat Dec 26, 2009
Why not contact any qualified loan officer(s) and see exactly what your budget can handle, and check on that credit score as well--without any of your personal details you may or may not qualify--again a loan officer will let you know--however, do keep in mind that lenders don't know your spending habits, present and anticipated--you need to consider economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions.

0 votes Thank Flag Link Sat Dec 26, 2009
Hi Curious,

Without knowing more details regarding your credit score, debt to income ratio, payment history for the last 6 years I can't give much advice. However, considering you have kept up on all your payments for the last 6 years and have not incurred other financial hardships other then the BK and you are fully employed with a low debt to income you should then be able to get financing. As for the down payment, etc, it will depend on the type of programs and loans you qualify for. Do not let your credit be run a bunch, it will ding your score.

Determine your monthly payment you can afford, take into consideration property taxes, repairs, etc. so you can stay within your means. Put together a list of must haves and wants, get a qualified specialized full time agent in your area with a good reputation. Most likely they have a preferred lender, or call around, ask family & friends. There are even quite a few good professionals on this site that can probably assist you.

Good luck
0 votes Thank Flag Link Sat Dec 26, 2009
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