You have a couple of challenges here that might be manageable.
First normal FHA guidelines require a 2 year waiting period from the date of discharge to qualify for a new home loan. They allow a shorter period of time if specific circumstances contributed to the bankruptcy. One circumstance would be major medical issues.
FHA recently came out and added another exception under their Back to Work guidelines, which allow a period f only one year to pass if you had specific income loss. Their guidleines state that your bankruptcy would have to have been casued by a reduction of income of 20% of more for a period of 6 mos. or longer.
If neither of these exceptions apply than you will have to wait 2 years from the date of a discharge to write an offer on a new home.
Now the judgment is a concern because it sounds like this happened after the bankruptcy; otherwise you would have included the lien in your bankruptcy. Lenders are looking for borrowers to have clean and re established credit after a bankruptcy.
The last concern on a judgment is that normally the underwriters will require the judgment be paid in full or be in a payment plan for at least 3 months.
This is good time to reach out to a mortgage professional that can review your credit and determine what needs to be done to help you.
Please feel free to contact us below.
Branch Manager NMLS #145114
Illinois State Manager Company NMLS #3029
5005 Newport Dr., Ste. 402
Rolling Meadows, IL 60008
Office: 847-252-7900 xt. 5515
I see you are looking to rent at the moment, when the bankruptcy has been discharged for 2 years please give me a call and we can try to get you pre-approved for a mortgage loan. If the bankruptcy was due to loss of income 20% or more for at least 6 months before the bankruptcy and you have since re-established your credit for 12 months you are able to buy now as long as you have proof of the income loss. Also the judgement has to be taken care of first. Feel free to contact me with any questions.
Senior Loan Originator
Market Place Mortgage
246 E Janata Blvd. Suite 220
Lombard, IL 60148
Cell: (630) 217-7013
Are you looking for a rental or a home to purchase? There are challenges with both, as indicated, but there are often ways to accomplish things either way. Please feel free to contact me and I would be happy to give you some options for rental or purchase.
RE Homes Source
Sohail A. Salahuddin | Founder
Sohail Real Estate Group | Jameson Sotheby's International Realty
425 W. North Ave. | Chicago, IL 60610
Cell 312.437.7799 | Office 312.335.3230 | Fax 847.805.6030
Search the Entire MLS & View Our Listings: Sohail Real Estate
â€œExtraordinary Service For Extraordinary Livesâ€
Are you looking to rent or buy? If you are looking to buy, you need to speak with a good loan officer to review your credit situation. If you want to buy, contact me and I will put you in touch with several good loan officers.
Nick Radakovich Home Sales Realty
I would suggest you speak with three lenders. They will give you a clear picture of what you qualify for. Please feel free to email me if you would like a referral. Thanks!