Bankruptcy discharge in 2006, including home foreclosure.

Asked by Hopeful1, Suwanee, GA Sun Oct 21, 2012

I've since gotten my act together, and would like to buy a home sometime in spring 2013. Since it's been awhile, would I qualify for first time buyer? I will have very little money down. What are my chances for an approval? Any advice out there for next steps?

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Rodney Mason’s answer
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Mon Oct 22, 2012
FHA mortgages are the least restrictive for a previous bankruptcy. HUD requires that a minimum of 24 months must have elapsed from the DISCHARGE date of a Chapter 7 Bankruptcy before a borrower can be eligible for an FHA mortgage.

In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.

If a mortgage was included in the Bankruptcy, HUD requires that you must wait at least 36 months from the foreclosure date to be eligible for an FHA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was not re-affirmed, there is not much that can be done until the property get foreclosed on.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
Margaret Wo…, Agent, Duluth, GA
Sun Oct 21, 2012
I would be happy to refer you to some highly qualified lenders who can run your credit and help you determine if you qualify for a new home loan. Contact me via my profile on Trulia, and I have several great people I work with!
0 votes
Rick Payne As…, Agent, Norcross, GA
Sun Oct 21, 2012
Good Evening Hopeful 1,

I work with 5 excellent Mortgage Lenders ie., Prime Lending, Brand Mortgage, Starkey Mortgage, Wells Fargo and Bank of America. Any one of my preferred lenders will be able to advise you correctly on your different options for obtaining a Mortgage Loan.

The First Time Home Buyer Tax Credit ended a few years ago. However, there are different Down Payment Assistance Programs that you could qualify for with your new home purchase. I have done several of these programs with my past clients. Of course, my 5 Preferred Mortgage Lenders are also knowlegeable about these programs.

If you would like to discuss your opportunities further with me you can get my contact information through my Trulia Profile.

I look forward to talking with you and discussing your home needs.

Have a Good Evening,

Rick Payne
Keller Williams Realty
0 votes
Stephanie Mc…, Agent, Canton, GA
Sun Oct 21, 2012
If you ever owned you are not s first time buyer and there is no particular advantage you are losing by not being one.
0 votes
FYI Stephanie: "Many local first-time buyer programs will consider you as a candidate if you have not owned a home in the past three years — even if you owned a home before that. You should check into what first-time buyer programs might be available through local non-profit housing agencies. If you owned a home more recently than that, or if you owned one when you went into bankruptcy, you would not now be considered a first-time buyer. " This is from Elyce Glink's website. Thanks for your reply.
Flag Sun Oct 21, 2012
Isabel Elses…, Agent, Alpharetta, GA
Sun Oct 21, 2012
Yes. Give me a call I would love to assist you.
I have many year of experince in the real estate business, buying, selling and financing.

Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
Direct 770-307-8751
Fax 888-799-3184
Over 25 Million SOLD
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