Looking to buy a w 10% down. I filed a Ch7 BK discharged in 3-2011. I have NO debts- 660 FICO. Is it possible to get a home mortgage?

Asked by Rusty Starks, Las Vegas, Las Vegas, NV Wed Jul 25, 2012

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David Cooper, Agent, Los Angeles, CA
Thu Jul 26, 2012
What is your income and what is your source of income? Money talks, and with enough down, things happen.


David Cooper Investor/Agent 702-499-7037
0 votes
Gregorio Den…, , San Diego, CA
Wed Jul 25, 2012
You may be able to get a mortgage from someone who wants to give their money away, but you won't get a conforming or FHA mortgage unless you can show extenuating circumstances as the cause. (Which is extremely hard to do)

Obtaining an FHA-insured mortgage after chapter 7 requires at least two years since the date of the discharge of the bankruptcy. During this time, the borrower must have

• re-established good credit, or
• chosen not to incur new credit obligations.

An elapsed period of less than two years, but not less than 12 months, may be acceptable for an FHA-insured mortgage, if the borrower

• can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and
• has since exhibited a documented ability to manage his/her financial affairs in a responsible manner.


For conventional, conforming financing bankruptcy (Chapter 7 or Chapter 11) requires a four-year waiting period measured from the discharge or dismissal date of the bankruptcy action.

Exceptions for Extenuating Circumstances A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.
Web Reference:  http://WeFixRates.Com
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The Kothe Te…, Agent, Goodyear, AZ
Wed Jul 25, 2012
Stranger things have happened. The best advice would come from a Mortgage Banker. Contact yours today to direct you down the right path. If you need a referral let me know.
0 votes
Yes, I need a referral to an "outside the box thinker." (Or I guess I'm just stuck until the 2 year mark.)
Flag Thu Jul 26, 2012
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