The next step you should take is to meet face-to-face with a Loan Officer and allow him/her to review all necessary documentation to pre-approve you. This way you'll know for sure how much of a loan amount and purchase price you approve for as per your current financial situation.
I'm always available to meet if you need a Loan Officer to help you. Good luck!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
All the responses below are great so since your account was discharged. You can apply for a conventional mortgage. If you're looking to buy in the Bronx, please contact me. We're the #1 office in the Bronx with many listings and great deals.
Certified Buyer Representative (CBR)
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465
Visit me on Trulia & Zillow
Yes, you can obtain a mortgage after Chapter 7 or 13 Bankruptcy as indicated in the excellent responses provided by my Trulia colleagues. And there may be a number of affordable mortgage solutions available to you depending on your current credit and financial profile. It's important that you consult with an expperienced and licensed loan officer to explore all your options. For more information or assistance, please contact me directly at 917.699.0183 or via email at email@example.com. Follow me on twitter @mdenniston247.
Senior Loan Officer
NMLS License #24076
Residential Home Funding Corp
Mortgages for America
Company NMLS # 34973
When there has been a Ch 13 BK, you can actually still be in the repayment plan period and be able to qualify for FHA or VA (if you are a veteran) financing. The requirements are:
- one year of the pay-out period under the bankruptcy has elapsed
- your payment payment performance has been satisfactory and all required payments have been made on time, and
- you have received written permission from bankruptcy court to enter into the mortgage transaction.
If the Ch 13 BK has already been DISCHARGED, then the above 3 requirements aren't needed for FHA or VA financing.
If the Ch 13 BK has been DISMISSED, then it's 2 years from the dismissal date for FHA & VA financing.
Fannie Mae & Freddie Mac require 2 years from a Ch 13 BK discharge date & 4 years from a Ch 13 BK dismissal date (2 years from dismissal with extenuating circumstances). If it's been 2 years since your Ch 13 BK discharge, then with a 20% down payment Fannie Mae or Freddie Mac financing would be a very good option since they wouldn't have the expensive mortgage insurance that FHA has (VA doesn't have any mortgage insurance, but it has a funding fee unless you are exempt).
In all situations you need at least 12 months of re-established credit, some lenders want 3 trade lines of 12 months each. Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct