Heather, Home Buyer in Danville, IN

Ok so My husband filed chapter 7 3/4 years ago, we both had are credit checked and he basically has no credit. Are we still able to get a home loan?

Asked by Heather, Danville, IN Wed May 9, 2012

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lendersnetwo…, Agent, Plano, TX
Sun Sep 1, 2013
Yes you do qualify now for a new program for FHA by HUD for people in your shoes you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
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Denny Scott, Agent, Indianapolis, IN
Mon Mar 11, 2013
Hi Heather
Filling chapter 7 is tough on everyone involved. Some times there is no other way. In todays wold it's tough. My first and best advise is to contact a good lender and sit down with them and discuss your situations. I believe after three years you can reapply for a loan. In that three years try to get all your ducks in a row. As a Real Estate Agent I don't clam to know all the answers and no agent will. It's all ways best to talk to a lender in which that's all they do is lend. Also it's good to talk to several lenders because you'll click more so than the others. If you would like to know the lender I recommend please call me or text me at 317-430-0443. Good luck.
0 votes
Laura Davison, Agent, Monrovia, IN
Wed Aug 22, 2012
It sounds good to pay cash for everything you own and not owe a dime to anyone. You would think that would be ideal, however it doesn't look good to a mortgage lender. They look to your credit report to make sure you make payments on time, so they can get an idea you will do the same for them. They like to see at least 3 forms of credit for at least 6 months payed on time. As far as the bankruptcy, if you were married at the time of banruptcy, you should have filed also. Otherwise they would come after you for all those bills he filed on. If you were not married at the time he filed, after 7 years you are forgiven the bankruptcy and all is well. Credit cards and a car loans are easy to obtain. Just make sure you make the payments on time and keep your lines of credit open. Cash unfortunately is not always king when it comes to buying a house, unless you have been stuffing your mattress and going to pay cash.
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