I will be 2 years out of bankruptcy july 31st. What is the earliest date to place a bid on a house ?

Asked by Jamal A Taylor, Austell, GA Tue Jul 12, 2011

Found a house several months ago and it is still available I want to submit an offer before it is under contract.

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Wed Jul 13, 2011
Jamal,

As John correctly points out the two year window is a must for getting a loan approved post bankruptcy. But remember, just because you have waited two years does not mean you will automatically qualify for a home loan. Your credit must be 620 or better and you need to have the income and the down payment to qualify for the property you are interest in. One more thing, it is very important that you have paid your bills on time since the bankruptcy discharge. Any late payments showing up on your credit after the bankruptcy will further restrict your ability to buy.

Email me if you need further clarification.

Timothy Brown | Senior Loan Officer
Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
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Sally Grenier, Agent, Boulder, CO
Tue Jul 12, 2011
You need to sit down with a mortgage broker or lender to see where your credit score is at and other financial matters such as debt to income ratio, employment history, etc. It can take a long time to buy a house again after a bankruptcy -- 2 years isn't very long. Most people need 7 years. A good lender or broker will be able to identify what you need to do in order to become a qualified home buyer again. Good luck!
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Bob Southard, Agent, Kennesaw, GA
Tue Jul 12, 2011
Talk to your lender. Fha requires at least 2 years after bankruptcy but there could be other issues to qualify. It would be very common after bk that there are errors on your credit report that need to be corrected. They also will want to be sure that have have good paymment history since the bk.

I know several good lenders if you need one and i'll be glad to help you make the offer once you are qualified.
Web Reference:  http://www.agentbobsells.com
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