My husband and I filed bankruptcy two years ago. We have saved $10,000 for a down payment on a house. How?

Asked by Looking2buy, Rushford, MN Tue May 19, 2009

long do we have to wait to stand a decent chance of getting approved for a home loan?

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4
Luke Allison, , Asheville, NC
Tue May 19, 2009
The FHA guidelines basically state regarding a prior bankruptcy: "2 years removed if the loan receives an 'APPROVED' response or 3 years otherwise."

You see, obtaining an approval will actually have more to do with the rest of your credit and you hopefully having a decent overall credit profile.

If you are 2 years removed from the satisfaction date of the bankruptcy, then you might want to just go ahead and apply and see what happens. You have nothing to lose.

If you would like to take 30 minutes and call me to run the application, I would be glad to assist you. At least you'll know and get to stop worrying about it.
Let me know if I can help.
Good Luck!

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
1 vote
a b, Agent, 1, IL
Tue May 19, 2009
It depends on how long the bankruptcy has been discharged and definitely your credit rating. The best thing is to sit down with a lender to explore your options. You may want to get 2 opinions as well.
0 votes
Susan Donald…, Agent, Denver, NC
Tue May 19, 2009
It depending on your credit score and the program that will fit your situation. I would call a lender and ask a few questions and see if there is a program now, because the lending programs are always changing.
0 votes
Susan Donald…, Agent, Denver, NC
Tue May 19, 2009
It depends on your credit score and the program that the lender will fit to your situation. I would call a lender and ask a few questions because the lending programs are always changing something maybe be out there now.
0 votes
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