Our BK was finalized 2/2011. We have paid 2 years Rent. We have one unsecured credit card to start building credit and purchased a trailer to start

Asked by Darlene Esquivias, Yucaipa, CA Fri Jun 7, 2013

credit. We have at 10k to put down and a reserve t, Credit scores now 658 on mine and husbands. I have continued to pay off a car after bk and been at my job for 14 years and husbands for 2 years. We would still like to wait until around December 2013. Can we start working on it now and what type of interest rate would we be looking at??? California

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lendersnetwo…, Agent, Plano, TX
Thu Oct 24, 2013
12 months after a BK you're now eligible for a new HUD program for an FHA loan, as long as you have reestablished positive payment history.

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.
1 vote
Jonathan, Home Owner, Seaford, DE
Thu Mar 3, 2016
Only way to tell is to contact a local lender and have them run a check against you so they can give you a ball park figure. Remember, you will have to cover some/all of the closing costs and inspections depending on what type of home you go for. Take into account the most minimum they would want down is 5% so take 5% of the purchase price of the home and add quite a bit onto it for closing (usually equal to closing is what I'd estimate if you're putting 5% down). In a 375k home I purchased, my closing costs for the foreclosure were close to 15k (14k and some change). You can also ask your lender of your choosing for the price of the home you're looking to get into in the area you're at -- how much are the closing costs, they will provide you with an estimate.
0 votes
Ali Qureshi, Agent, Pleasanton, CA
Thu Jul 17, 2014
With the new FHA guidelines you can be eligible to purchase 12 months after BK. Meet with a loan officer to evaluate your case.
0 votes
Brian Person, Mortgage Broker Or Lender, Columbus, OH
Wed Jun 26, 2013
If your BK was a chapter 7, typicall you need to wait atleast 2 years until you can purchase a home or do a refi. This would be for an FHA loan. A conventional loan would be 4 years from the discharge date for Chapter 7. If the BK was a chapter 13. the guidelines are different. Since it has been two years and you have re-established credit, you should have no problem getting approved for an FHA loan as long as you have not had any late payments since the BK and you still qualify based on income.

As far as the rate goes, if you are looking to wait until Decemeber, noone will be able to give you an accurate answer on the rate as noone knows what the rate will be in 6 months.

Let me know if you have any questions and I will gladly answer them for you.

0 votes
Flag Wed Jun 26, 2013
Alan May, Agent, Evanston, IL
Fri Jun 7, 2013
Contact a local mortgage lender, and ask them those questions. They'll check on your bankruptcy, run your credit, confirm your employment, debts and assets, and give you an accurate response.

Without all that information, very few of us can give you a worthwhile answer.
0 votes
Give me a call, I work with a lender in Delaware that can help you or at least put you on a path to become eligible in a short period of time.
Flag Thu Oct 24, 2013
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