How long since we file bankruptcy to be eligible to buy a house?

Asked by Heartly Tamba, Redlands, CA Fri May 18, 2012

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Nichole Silv…, Agent, Redlands, CA
Sun May 20, 2012
It is 2 years from the date of discharge, not the first date of filing. I have helped many people so I am familiar. You can call me, text me or visit my website with ANY questions. http://www.nicholesilvia.com Hope this helped! :)

Direct 951-897-4000
Nichole Silvia
Coldwell Banker Realty Center Redlands, Ca
0 votes
Nichole Silv…, Agent, Redlands, CA
Sun May 20, 2012
It is 2 years from the date of discharge, not the first date of filing. I have helped many people so I am familiar. You can call me, text me or visit my website with ANY questions. http://www.nicholesilvia.com Hope this helped! :)

Direct 951-897-4000
Nichole Silvia
Coldwell Banker Realty Center Redlands, Ca
0 votes
Gina Sand, R…, Agent, Redlands, CA
Fri May 18, 2012
If you have already gone through a foreclosure, it normally takes 7 years to be eligible to buy a house. If you have not yet gone through a foreclosure, you may be able to sell your home through a short sale process, get the lender to forgive your liens and notes during the year of 2012 and you will be able to purchase another home in 2-3 years. Please visit GinaSand.com for more information or give me a call and let's get started considering your options. Gina Sand, Realtor Tarbell Realtors - Redlands (909) 225-4462 ; (909) CAL-GINA
0 votes
Jory Blake, Agent, Norco, CA
Fri May 18, 2012
Hi There Heartly , here are the breakdowns for you:

FHA:

Chapter 7: 2 yrs.

Chapter 13: 2 yrs.

Foreclosure: 3 yrs.

Short Sale: 3 yrs.* Unless borrower was not late prior to short sale (on ANY obligation) and was not trying to take advantage of the market. For specifics click here .


VA:

Chapter 7: 2 yrs.

Chapter 13: 2 yrs.

Foreclosure: 3yrs.

Short Sale: 3 yrs.

VA High Balance:

Chapter 7: 7 yrs.

Chapter 13: 7 yrs.

Foreclosure: 7 yrs.

Short Sale: 7 yrs.

Conventional:

Chapter 7: 4 yrs.*

Chapter 13: 2 yrs. from discharge date or 4 yrs. from dismissal date*


Foreclosure: 7 yrs.*

Deed in Lieu: 2 yrs. if subject loan is 80% ltv or less

4 yrs. if subject loan is 90% ltv or less

7 yrs. if subject loan is over 90%ltv

Short Sale: 2 yrs. if subject loan is 80% ltv or less

4 yrs. if subject loan is 90% ltv or less

7 yrs. if subject loan is over 90% ltv

BK Chapter 7: a four year waiting period is required measured from the discharge date or dismissal date of the BK. A 2 yr. waiting period is permitted if extenuating circumstances can be documented.


BK Chapter 13: a four year waiting period is required for a Chapter 13 dismissal. A 2yr. waiting period will be permitted with extenuating circumstances.

Multiple BK filings: for a borrower with more than one BK filing in the last 7 years, a 5 yr. waiting period is required.

Foreclosure: A 7 year waiting period is required, and is measured from the completion date of the foreclosure sale date.


A 3 yr. waiting period is permitted if extenuating circumstances can be documented and the ltv rules are applied, MUST to be a purchase of a principle residence or a limited cash out refi on an owner occupied, second home or non-owner.

*What are extenuating circumstances: they are non-recurring events that are beyond the borrower’s control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations.



Thank you,
Jory Blake
Web Reference:  http://www.JORYBLAKE.com
0 votes
Daniel Harms, , Upland, CA
Fri May 18, 2012
Hi Heartly,

Typically it is 3 years from the discharge date before you can get a mortgage. Of course this is dependent on how you have re-established your credit since the BK.

Daniel Harms
Tarbell Realtors - Upland
951-232-5382
dharms@tarbell.com
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