Foreclosure in Columbus>Question Details

Dina Dee, Other/Just Looking in Columbus, OH

are there any programs for people to buy a home who has forclosed or filed bankrupsy in the past?

Asked by Dina Dee, Columbus, OH Sat May 9, 2009

I will like to purchase a home

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While everyone who has cometed so far is correect, the guidelines for buying a home after a BK is two years and for a forclosure it is five years, there are other ways that you can buy a home today. Lease options are a very good way to get the home you wanted today and get most of the benifits of owning a home. You can also buy using seller financing. There are many people trying to sell their homes right now and cant because there are not enough buyers who can qualify for a loan. Find the home you love and then convince the seller to give you a loan ( seller financing) to buy their home.

If you need any help understainding the ins and outs of seller financing there are a number of experts that teach how to do this. You can also send me an e mail and I can help you understand it.
0 votes Thank Flag Link Wed May 13, 2009

As stated below, there are timeframes for being approved after a BK. You cannot have derogatory credit after the BK.

For special programs, you can check with the City of Cols. and

Good luck with your search,
0 votes Thank Flag Link Wed May 13, 2009
Dina dee,I believe you have to wait 2yrs on br and 3-5 on a foreclosure,Your lender can tell you exact.

0 votes Thank Flag Link Sun May 10, 2009
The only thing that fixes foreclosure or bankruptcy is time and starting your credit all over. The time frame depends on the type of financing you are trying to get and your credit score. The time frame starts after the foreclosure sale date or from the bankruptcy discharge date. The problem is with a foreclosure was hit 200-300 points in your credt score.

The best document that I know that outlines the underwriting requirements is FNMA underwriting guidelines

Keith Manson
First Weber Group
Certified Distress Property Expert
0 votes Thank Flag Link Sun May 10, 2009
There are no programs that i know of. how long ago was your bankruptcy discharged? You can purchase a home 2 years after discharge,but you will need a 620 credit score and a 3.5% down payment for FHA plus a 2 year work history,sufficient income to pay the mortgage,taxes and insurance plus enough money for maintenance. for example,itf you need to replace the roof or AC do you have sufficient reserves to pay for this? your debt to income ratio needs to be at an acceptable level. There are no federal programs with 100% financing (no down payment) outside of VA for qualified veterans and USDA which is pretty much gone, but there may be some down payment assistance programs available through your city,state or county. An agent in your area can advise you of these. After a foreclosure,you cannot purchase a home for 5-7 years.
0 votes Thank Flag Link Sat May 9, 2009
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