Question Details

Kmh4238, Both Buyer and Seller in Florida

Is it possible to get a mortgage after bankruptcy?

Asked by Kmh4238, Florida Mon Jan 19, 2009

Help the community by answering this question:

Answers

2
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Jul 7, 2013
There is a 7 year time period after a bankruptcy when it is nearly impossible to get another mortgage. If you establish good credit during that time frame, you will again be eligible. Current mortgage guidelines make it more difficult for everyone to obtain a mortgage. You would need 20% down and a good credit score to qualify without the bankruptcy blemish on your credit report. Sorry for the bad news. Perhaps things will change since there are so many people in your situation, but right now those are the sad facts.

Fortunately there are many affordable rental properties available since there are too many homes for sale. We hope that you find a good rental property. A Realtor is a good source of information about rentals.
0 votes Thank Flag Link Mon Jan 19, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer