Clients with previous bankruptcy do they have any other options then cash or waiting for 2 years to do an FHA financing?

Asked by Irene Trivoulides, Bristow, VA Mon Sep 23, 2013

I have a couple of families I am trying to help and they had recent bankruptcy, less then 2 years. Do they have any financing options that I am not aware? One of them their credit score is close to 700 already! Can they purchase with a co-signer? My current lender says they have to wait 6 more months, but interest rates keep on climbing. Any ideas will be great! Thank you!

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Ryane Johnson’s answer
Ryane Johnson, Agent, Gainesville, VA
Mon Sep 23, 2013
The new FHA program will allow you to buy 1 year after a bankruptcy if the borrower lost their job – I think this is going to have a very limited application as it is very narrow in its definition of job loss and of course you must have reestablished credit and now have a stable job in order to qualify for the loan

A very busy year if you ask me – it takes people 2 to 3 years to truly recover from a bankruptcy

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1 vote
How about if they lost their business? Does this apply as well? Lender said only death of one of the borrowers is considered an extenuating circumstance for a loan in less then 2 years from bankruptcy.
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