Question Details

Nicole, Home Buyer in 15132

I filled bankrupcy in 2005, and I want to purchase a home, will anyone give me a morgage?

Asked by Nicole, 15132 Thu Aug 21, 2008

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That depends on several factors. What type of bankruptcy did you file?

If you filed a Chapter 7, typically you can secure a new FHA mortgage 12 months after the discharge date of your Chapter 7 bankruptcy. However, it will be manually underwritten and you will need to be able to demonstrate other positive compensating factors - such as a good timely pay history since the bankruptcy, money in the bank, etc. If you filed a Chapter 7 and you don't want to do an FHA mortage then you will have to wait 4 years from the date of discharge.

For a Chapter 13, FHA will require 12 months from the date that the bankruptcy application was approved. They will look heavily at your payment history during your repayment period on your Chapter 13 bankruptcy. If you don't want to go FHA - you will have to wait 2 years after the discharge date (NOT the application approval date).
1 vote Thank Flag Link Thu Aug 21, 2008
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