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Frederick Van…, Home Buyer in Milford, DE

if someone filed for bankrupt to get there credit cards paid off and they get around $3,200 a month now can they get a morg. to buy a condo with you

Asked by Frederick Van Horn, Milford, DE Thu Mar 15, 2012

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what if someone filed for bankupt chapter 7 but still pay there car payment and a air condtion payment always on time. would that help to get a rent to own place
0 votes Thank Flag Link Wed May 30, 2012
It depends upon the type of bankruptcy as well as the type of financing. In any case you need "re-established credit," which basically means you need to have at least enough new accounts, paid on time, to give you a credit score. Any late payments (>30 days) since the bankruptcy will usually be cause for disqualification.

Here is a summary of the various types of financing and the respective waiting periods:

VA(must be an eligible veteran): 2 years with re-established credit

FHA: 2 years with re-established credit

Conventional: Chapter 7 - 4 years or 2 years with documentable extenuating circumstances including, but not limited to: divorce; loss of employment; death of a spouse

Conventional: Chapter 13 - 2 years from discharge or 4 years from dismissal

USDA Rural Housing: 3 years with re-established credit

I have quite a bit of experience helping clients with prior bankruptcies, as well as helping clients improve their credit scores and other factors to become eligible for financing. Please shoot me an email if you would like to talk further at rbourdeaux@waterstonemortgage.com.
0 votes Thank Flag Link Fri Mar 16, 2012
Chapter 7- 2 years, following discharge with a re-established credit good to go.
Chapter 13- 1 year at least into the process and following conditions.

Anita Prashar
Coldwell Banker
301-990-8562
240-291-4542
0 votes Thank Flag Link Fri Mar 16, 2012
I need more information. Call me at 301 580 7697 or email johnwclappjr@gmail.com and
I will at no charge answer your question.
0 votes Thank Flag Link Thu Mar 15, 2012
If you filed a chapter 7 bankruptcy you have 2 years to re-establish credit with on time payments and can purchase a condo and settle the day following the discharge of the bankruptcy.

For a chapter 13 bankrutcy you have to have one year into the backruptcy to have "Paid as agreed' on the debts, at that point the Trustee can release you to purchase a condo.

Greg Myers
RE/MAX Realty Group
301-258-7757
0 votes Thank Flag Link Thu Mar 15, 2012
You need to consult with a mortgage lender. I suspect your credit score took a big hit which may result in you not qualifying for a loan.
0 votes Thank Flag Link Thu Mar 15, 2012
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