buying after ch7

Asked by Linda Moore, Hesperia, CA Fri May 11, 2012

can i buy house 2 years after ch 7 even though house was only in spouse's name? I was not on the loan or deed or tax record. i want to buy in my name only. i've been monitoring credit score and pretty sure i can have a 650 score or better when time comes.

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4
Robert Chome…, , San Diego, CA
Fri May 11, 2012
You can get a FHA loan 2 years after BK 7 discharge. Make sure you go off the discharge date of the BK to start counting. Call me if you have questions.

ROb,
858-922-7899
0 votes
Cindy Vedder, Agent, Irvine, CA
Fri May 11, 2012
Depending on more details, the discharge date has to be 2 years or more. Feel free to let me know if you need assistance, however, your best bet is to speak with a lender first.
0 votes
Jory Blake, Agent, Norco, CA
Fri May 11, 2012
Ex-spouse now by chance? Or are you keeping him?
Web Reference:  http://www.JORYBLAKE.com
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Jory Blake, Agent, Norco, CA
Fri May 11, 2012
Hello Linda, here are the most common scenarios and a breakdown of wait times:

FHA:

Chapter 7: 2 yrs.

Chapter 13: 2 yrs.

Foreclosure: 3 yrs.

Short Sale: 3 yrs.* Unless borrower was not late prior to short sale (on ANY obligation) and was not trying to take advantage of the market. For specifics click here .

VA:

Chapter 7: 2 yrs.

Chapter 13: 2 yrs.

Foreclosure: 3yrs.

Short Sale: 3 yrs.


VA High Balance:

Chapter 7: 7 yrs.

Chapter 13: 7 yrs.

Foreclosure: 7 yrs.

Short Sale: 7 yrs.

Conventional:

Chapter 7: 4 yrs.*

Chapter 13: 2 yrs. from discharge date or 4 yrs. from dismissal date*

Foreclosure: 7 yrs.*



Deed in Lieu: 2 yrs. if subject loan is 80% ltv or less

4 yrs. if subject loan is 90% ltv or less

7 yrs. if subject loan is over 90%ltv



Short Sale: 2 yrs. if subject loan is 80% ltv or less

4 yrs. if subject loan is 90% ltv or less

7 yrs. if subject loan is over 90% ltv



BK Chapter 7: a four year waiting period is required measured from the discharge date or dismissal date of the BK. A 2 yr. waiting period is permitted if extenuating circumstances can be documented.



BK Chapter 13: a four year waiting period is required for a Chapter 13 dismissal. A 2yr. waiting period will be permitted with extenuating circumstances.



Multiple BK filings: for a borrower with more than one BK filing in the last 7 years, a 5 yr. waiting period is required.



Foreclosure: A 7 year waiting period is required, and is measured from the completion date of the foreclosure sale date.



A 3 yr. waiting period is permitted if extenuating circumstances can be documented and the ltv rules are applied, MUST to be a purchase of a principle residence or a limited cash out refi on an owner occupied, second home or non-owner.



*What are extenuating circumstances: they are non-recurring events that are beyond the borrower’s control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations.
Web Reference:  http://www.JORYBLAKE.com
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