Teri Morton, Home Buyer in Merchantville, NJ

After a chapter 7 discharge, how many yrs do I have to wait before purchasing? Are there any mortgage programs that will finance after two yrs? Teri

Asked by Teri Morton, Merchantville, NJ Thu Dec 6, 2012

I really like a property in 08002 area and it's vacant. Anyone with any ideas on how to find out?

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Charisse M.…, Agent, Mount Laurel, NJ
Thu Dec 6, 2012

During a recent workshop, a lender advised for VA and FHA loans, you need to wait 2 years and must have re-established credit. For USDA loans, it's a 3-year wait and also requires re-established credit.

Please feel free to contact me and I can refer you to several lenders who would gladly review your situation.
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Jonathan E.…, Agent, voorhees, NJ
Fri Dec 7, 2012
This is really a question for a mortgage loan specialist, because specific circumstances can change the calculus. However, in general, you need to wait 2 years for a conventional or FHA type loan. For USDA loans, the wait is 3 years. Based on a recent conversation with my favorite mortgage loan officer, I have been told that VA loans also now require a 3 year wait after discharge of a Chapter 7 bankruptcy - it had been 2 years. In any case, you need to have re-established and built acceptable creditworthiness.

There are exceptions, so it pays to speak with a mortgage specialist. If you need a referral to a really great loan officer who can advise you and help you get ready to be a reasonably strong buyer ASAP, please get in touch with me and I will be happy to facilitate the connection.

Jonathan E. Brill, Ph.D.
Realtor Associate
Keller Williams Realty
Beowulf Plaza, Suite 200
1814 Route 70 East
Cherry Hill, New Jersey 08003

Put my Ph.D. in Marketing and Wharton School
business education to work for you!

Main Office: 856.321.1212
Office Fax: 856.321.1414
Direct Line: 856.685.1956
Cell: 617.872.5580
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e-Mail: DoctorJ@KW.com
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Teri Morton, Home Buyer, Merchantville, NJ
Fri Dec 7, 2012
thanks for responding to my question. The address is: 322 St. James Avenue Cherry hill, NJ 08002 my question. How can I see the inside of the property? I have already re-established credit and it has been a 1-1/2 yrs.
0 votes
Ines De La C…, Agent, Marlton, NJ
Thu Dec 6, 2012
Hello Teri,
Thank you for your question.
You will need to wait 2 years after your chapter 7 has been discharged.
If you are prior to that timeframe begin by preparing a budget of your funds so you see where your current funds are allocated. Look into building some credit right away.
You may want to talk to your loan officer about what possibilities you have in preparation to obtaining your mortgage when the time comes. If you need names let me know.

What's the address of the property you liked? I can certainly help you with that.
Best Regards,
Ines De La Cruz, ABR, CRS
RE/MAX Connection

609-313-8518 or inesdelacruz@remax.net
To view all the homes in SJ visit http://www.inesdelacruz.com
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