Financing in Meadville>Question Details

Kathy Christ, Home Buyer in Beavercreek, OH

What are the chances of getting a home loan if I had a discharged bankruptcy last year? Meadville PA area

Asked by Kathy Christ, Beavercreek, OH Mon Feb 11, 2008

I did not file bankruptcy on a home, and I have been prompt with my rent payment in my current residence.

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Your best luck would be FHA loan. With a good letter explaining what happen and a credit clean up
I could help Barry from Alabama.
0 votes Thank Flag Link Thu May 26, 2011
Great answers ---- FHA is your best bet. Less than 12 months with big time explainable circumstances. Rebuild your credit. Charge a small amount every month and pay the balances in full. Have a mortgage professional review your credit. many times after a BK, the credit remains in shambles. The one thing about a BK, your credit really gets better from day one. Just make sure that the credit report reflects everything that was included in the BK.
Web Reference:
0 votes Thank Flag Link Mon Feb 11, 2008
12months with re-established credit for chapter 13
24months with re-established credit for chapter 7

If you have very good reasons...(usually medical) then the U/W may over look the months.
0 votes Thank Flag Link Mon Feb 11, 2008
Your best bet would be to get with a loan officer to discuss your particular situation. Bankruptcies tend to stay on your credit report for up to 13 years, if you're saying that the bankruptcy is finally gone for good from your credit report, then the chances should be better to get a loan.

Although, whether or not you ever declared bankruptcy is not the only factor in getting a loan. Usually lenders look at your current history as well. Your past six to twelve months of cleared checks to your landlord, utility bills, etc.

Go luck.

Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
0 votes Thank Flag Link Mon Feb 11, 2008
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