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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Gregory Cook’s answer
Gregory Cook, Mortgage Broker Or Lender, Temecula, CA
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!
Web Reference:  http://firsttimehome.us
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