can i buy a house after bankruptcy?

Asked by Mohamed, Seattle, WA Mon Apr 11, 2011

me and my wife had our discharge for our bankruptcy in 1/2009 and my family is growing and i need to buy a house the property cost is 195,000 i have 10,000 for the down payment and my wife doesn't work and my salary is 45,000 to 50,000 do you think that i can get approved for a loan? and what lender can approve me? if you know anyone that can help me please send me the information.FYI my credit score is 610 and my wife's 600

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lendersnetwo…, Agent, Plano, TX
Thu Oct 24, 2013
12 months after a BK you're now eligible for a new HUD program for an FHA loan, as long as you have reestablished positive payment history.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
1 vote
Alyssa Beller…, , Tacoma, WA
Tue Apr 19, 2011
almost there..we can get you in credit repair to get you a qualifying score of atleast 620 ,generally its 3 yrs after a bk .Was it a chp 7,11 or 13? It depends
I can get you started atleast on the path to get there.
1 vote
Calvin James, Home Buyer, Orem, UT
Sat Dec 6, 2014
Your credit score isn't too bad! I think you'll be able to do it. I had to buy a home after filing chapter 7 bankruptcy last year. It was very hard to get a loan! I'm glad I was able to do it.
0 votes
Don Maclary, Agent, Virginia Beach, VA
Mon Feb 3, 2014
Don't go to a big bank, Go to a local lender and discuss a plan
0 votes
Patti Kane, Home Buyer, Boulder, CO
Fri Jun 21, 2013
I had a short sale last year and my Realtor recommend for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes
Kenny A Grul…, , Orlando, FL
Fri Apr 22, 2011
In regards to your Bankruptcy you should be able to. General Rule is 2 years from the discharge date. Also it is imperative that their are no derogatory tradelines reporting after the discharge date of the bankruptcy. Having these deregatory items may result in a denial.

The down payment should be sufficient for FHA financing as it only requires 3.5% down.

Assuming you have no other debts on credit and a housing payment of 1400.00 your housing expense ratio is around 40% which is doable.

Your credit score will need to be higher, however more than likely there are immediate measures you can take to driving your credit scores up.

I would be more than happy to help you further, if you like call me at 407-744-5244 and we can discuss further options.
0 votes
..., , Lexington, MA
Mon Apr 11, 2011
Hi Mohamed

The short answer is yes but it depends on the specifics - what type or bankruptcy was filed, what credit was re-established since then and how you've paid on that and the type of property and loan program.

It's likely you will have to wait given your credit score.

0 votes
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