Can one buy a home after claiming bankruptcy?

Asked by Trulia Brooklyn, Brooklyn, NY Tue Apr 2, 2013

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Michael Denn…, Agent, Queens, NY
Wed Nov 6, 2013
Yes, you can buy a house again after bankruptcy. Besides making a cash purchase or obtaining a private mortgage (usually with high a high interest rate and large down payment). FHA is now allowing you to obtain a mortgage one year after bankruptcy, foreclosure or short sale. Previously, you had to wait as many as 4 years with some lenders depending on which one you were involved in. As with any program, you must meet all eligibility requirements and there are restrictions. This is not the forum to go through al the details. For more information, I can be reached directly at 917.699.0183 or

I value your opinion, Please hit best answer or thumbs up, if my replay was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS# 24076
The Federal Savings Bank
Direct Lenders. All 50 States
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Bev West, Agent, Greeley, CO
Mon Nov 4, 2013
The criteria has changed with some lenders on how long you have to wait-but basically yes you can purchase a home after bankruptcy but you will probably have to wait for a period of time. Talk to your local lender.
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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.
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Flag Thu Oct 31, 2013
Patti Kane, Home Buyer, Boulder, CO
Tue Jun 11, 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.
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Apr 2, 2013
Absolutely! There are certain restrictions that apply depending on what chapter bankrutcy was filed and how much time has passed since the bankrutcy was discharged and how the borrower's credits are today post-bankruptcy.

There are several different loan programs and each have their own requirements or restrictions that apply to borrowers who have filed for bankruptcy. It''s always best to meet face-to-face with a Loan Officer and see exactly what your mortgage options are and how the bankruptcy impacts them.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
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Suzanne MacD…, Agent, Succasunna, NJ
Tue Apr 2, 2013
Yes. First of all you can always buy a home with cash. Second, if you are seeking a mortgage, underwriting standards will require a two year waiting period, but after that you will once again be able to qualify for a loan, provided you can meet all the other requirements. Bankruptcy is not the end, it is a new beginning.
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