I would like to buy a house but I had to file bankruptcy last year. Is there anyone out there willing to help me out?

Asked by src, Chambersburg, PA Sat Jun 2, 2012

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Sun Jun 3, 2012
Good morning src,

I'm sorry to report that you must wait a minimum of TWO years from the DISCHARGE date of the Bankruptcy before you can begin to qualify for mortgage financing.

The TWO year requirement is for FHA Insured Mortgage Financing. For Conventional (FannieMae or FreddieMac) loans you must wait 4 years out of the Bankruptcy.

Further, you must re-establish credit after the Bankruptcy and you must maintain an absolutley perfect credit profile. Late payments, collection accounts, charge-offs or judgments POST bankruptcy will NOT be acceptable and you will not qualify.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website http://www.consumer-action.org/.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sun Jun 3, 2012
Is the bankruptcy discharged, if so much will depend on the type of bankruptcy, the circumstances that led you to that route, current credit, income, etc.; generally it can take two to four years; for a personalized answer do visit with any licensed loan officer.
1 vote
Scott Godzyk, Agent, Manchester, NH
Sat Jun 2, 2012
You should meet with a local and trusted loan officer who can pull your credit and look at your financials. They should be able to guide you through the process. With bankruptcy only a year ago the types of mortgages willbe limited and you may need a higher percentage down.
Web Reference:  http://www.ScottSellsNH.com
1 vote
santo Minyety, Agent, bronx, NY
Sat Jun 2, 2012
unfortunaly src you has to weit for 5 years to aply for morgage after a bankruptcy.
0 votes
santo Minyety, Agent, bronx, NY
Sat Jun 2, 2012
impossible you need to weit 5 years to aply for morgage after has a bankruptcy.
0 votes
Mildred Jone…, Agent, Bronx, NY
Sat Jun 2, 2012
There is usually a two year wait in purchasing a house after bankruptcy. However each case is different. Consider renting with an option to buy. Pleas give me a call and we can discuss the matter in more detail.
0 votes
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