Is is possible to get a mortgage with 40% down even tho I filed for bankruptcy 2 yrs ago?

Asked by Carol Holmstrom, Newport, TN Thu Dec 9, 2010

I had to file bankruptcy to avoid forclosure. I would now like to relocate and buy a much less expensive home that I can actually afford. I am wondering if I should even bother to look as I may not qualify for a mortgage with anyone. Please advise

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Thu Dec 9, 2010
Carol, an FHA loan may be an option for you. FHA's guidelines allow financing two years from date of discharge, unless there was a foreclosure included, then it's three years.
Contact a local lender who specializes in FHA loans and have him review your current financial position and see if he/she can help you.
Good luck!
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