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Can someone get a mortgage even with a bankruptcy on their credit report?

It's been a year since my bankruptcy has been filed and I am trying to rebuild credit.  I have a secure job making 43K and my husband makes about that much yearly.  How long do we need to wait before a lender will give us a mortgage.  How much of a down payment would they want?
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April 02 2011 - Westchase
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Answers (6)

If its a chap 13 you can buy a home while in the bankruptcy,as long as your paying the trustee on time.

Have a great night.

Adam
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June 16 2011
Great points from everyone.

There are so many factors.

Do you have new credit since the BK.

Is it BK 7 or 13? 

Chapter 7 usually requires 2 years from discharge.  Chapter 13 will allow you to buy a home while still paying on your Chapter 13 as long as you can prove 12 months on-time payments and be sure to have clearance from your trustee to purchase a home.  I would certainly contact a lender directly though so they can analyze your case.
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April 04 2011
Fha is 1 year after a 7 & 2 years after a 13.
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April 04 2011
Many lenders will consider lending to a customer with a previous bankruptcy on their credit report.  The length of time that it will need to have been discharged will vary by lender.
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April 03 2011
This is a question that will depend on some specific information pertaining to your personal situation. The best thing to do is sit down with a professional in your area to determine your next step.
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April 03 2011
Profile picture for wetdawgs
Some of the important facts to answer your question:

Was it chapter 7 or 13?
What is/was the discharge date?
Have you rebuilt your credit score?
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April 02 2011
 
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Can someone get a mortgage even with a bankruptcy on their credit report?
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