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Chris Langs..... currently 4 years into a reorg bankruptcy - credit scores are in the low 700s.

How long after the bk is completed before we can purchase a new home or refinance our existing home for a better rate? Our loan is now owned by Freddie or Fannie and we are not upside-down.
  • May 28 - Mesa
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Answers (3)

Hey there,

I'm a local lender here in Scottsdale. If you are 4 years removed from the discharge date on your bankruptcy, all mortgage programs are available to you, regardless of whether it was chapter 7, 11 or 13. There are options for shorter periods of time depending on the circumstances surrounding it, but once you get to 4 years, it really doesn't matter. The advice provided below regarding FHA back to work is probably not something you want to follow, that program is very difficult to qualify for and isn't necessary in your situation because you can likely choose any program. 

700+ credit is great, but you only need 620+ to qualify for a refinance or purchase with me (assuming you are otherwise qualified)
 
Feel free to reach out directly to discuss options or talk about your specific situation. 
  • May 28
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Have you spoken to a lender directly about your scenario?
  • May 28
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There is a program called FHA Back to Work Program that allows you to secure mortgage financing 12 months from the date the foreclosure was finalized. The guidelines a strict; you'll need to document 6 months of 20% or more decrease in household income that caused the event. You need re-established lines of credit and no lates or collections in the past 12 months.

As a team, I'm a realtor in Scottsdale and my fiancé is a mortgage branch manager.

Call or email me with any questions!
  • May 28
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