Beth Bruno, Home Buyer in San Diego, CA

Ready to purchase after bankruptcy

Asked by Beth Bruno, San Diego, CA Sun Apr 7, 2013

I will reach my 2 years since bankruptcy went through in November of this year, but am ready to purchase a home now. Credit score is 650 and I have a small downpayment. Are there any loans available to me out there?

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Daniel Lehman, , San Diego County, CA
Mon Apr 8, 2013
A) There is no such thing as a "FHA LENDER" as most good lenders are able to do FHA, VA, Conventional, etc.

B) There are very specific guidelines related to BK, and you DONT need a "portfolio" lender to do these.

C) Your bankruptcy waiting period is going to depend on the type of bankruptcy that you filed.

Was it a Chapter 7 or 13? Chapter 7 washes everything clean, and Chapter 13 puts you on a payment plan and you are not "discharged" until you finish with your payment plan.

With conventional lending, you need 4 years from a Chapter 7 discharge date, and 2 years from a Chapter 13 discharge date (after payments are complete).

However, with your FICO score, you probably wouldn't want to go with conventional in any case. So, both FHA and VA loans are as follows:

2 years from the discharge of a Chapter 7 BK, and 1 year from the discharge of a Chapter 13.

If you have any further questions at all, I am here to help in any way that I can (regardless of whether we ultimately make a commission)


Daniel Lehman
1 vote
Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sun Aug 4, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
0 votes
Rene' De Bla…, , San Diego, CA
Thu Jul 25, 2013
If there were a lender that did, the rate would not be competitve. Sit tight and wait it out. You'll find a great home in the winter months (when fewer buyers are looking).
0 votes
Thanks Rene'! Getting closer :)
Flag Sat Jul 27, 2013
Daniel Lehman, , San Diego County, CA
Wed Jul 3, 2013
Great to hear. Good luck!
0 votes
Robert Chome…, , San Diego, CA
Sun Apr 7, 2013
You are OK with a 640 and above score and 2 years after BK for a FHA or VA loan. Conventional loan you will have to wait 4 years. I am local in San Diego, give me a call and I would love to assist you.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sun Apr 7, 2013

The answer will depend on the type of BK, as some have stated below. It would also agree that an FHA loan will likely be the best program when you do meet the required wait time. FHA loans currently permit down to a 640 FICO with most banks/brokers. If you'd like to look at your present or future options at any time, we can do that without cost or obligation and I'm happy to help.

Rob Spinosa
0 votes
Frederick Re…, Agent, SAN DIEGO, CA
Sun Apr 7, 2013
There aren't conventional loans but there are portfolio lenders ot there that can do these loans...however the rate is gonna be 7 or8%
0 votes
John Georges, Agent, San Diego, CA
Sun Apr 7, 2013
Good morning,
Your best bet is an FHA or VA loan, if applicable. The wait time is 24 months after BK discharge, unless the BK was due to medical. You can possibly enter into a lease option now pending your 2 year time frame. Please feel free to contact me. My pleasure to assist. We also have direct access to several Grant programs.
John Georges
Business Development Manager
San Diego County
Ocmbancorp, direct lender

951 536 1217
0 votes
Steven Campb…, Agent, San Diego, CA
Sun Apr 7, 2013
The first step is to check in with a great lender and get preapproved. I work with one of the best in San Diego County, Marsha Lenyk of Award Mortgage. Marsha has helping find the best financing available for over 20 years and is an expert in helping people who have had a short sale or bankruptcy get back on track. Call Marsha at 619-992-1504. After Marsha gives us the go ahead, call me, Steven Campbell, at 619-972-1552 and let's find a great property!
Steven Campbell
Real Living Livestyles
0 votes
Mike Disney, Mortgage Broker Or Lender, La mesa, CA
Sun Apr 7, 2013
Your best value is with an FHA loan. Yes, solutions are available for you.
0 votes
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