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Filed bankrupcy in Jan 09, all clear now how long do I have to wait to apply for A HOME LOAN

  • August 05 2010 - Chicago
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Answers (7)

If it was a Chapter 7 = 2 years. If it was a 13 = 12 months of on time payments to the trustee. Give me a call or email if you need help. Good luck!
  • November 22 2012
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I would contact lenders in your area to find out for sure. States vary

  • November 09 2012
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It is best to contact a few lenders. All lenders have different guidelines. If you get declined by one lender go to another one. And yes your credit score matters a lot. Additionally you will be required to pay 20% down unless it is a FHA loan.
  • November 09 2012
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FHA guidelines state a minimum of 3 years and Fannie Mae guidelines state a minimum of  4 years . However, you must have compensating factors. Also was it a Chapter 7 or 13 because the rules are different  in regards to what would justify the discharge date.
  • August 06 2010
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Profile picture for Matt Laricy
The only way you will truely know is to call your lender and find out.
  • August 05 2010
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It could take some time. The best thing to do is have your credit pulled to make sure nothing from your bankruptcy isn't still reporting negatively on your credit. You can do this yourself for free online or have a Lender do it. They too will be able to tell you if there are any things that are red flags for a loan. They will also be able to give you an idea of time in which you can get a loan.
  • August 05 2010
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This depends on whether it was a Chapter 7 or 13.  Chapter 7 is a complete liquidation while a Chapter 13 is a court setting up a repayment plan.

Here are the rules for FHA financing which offers the most forgiving rules:

Chapter 7 = 2 years from the date bankruptcy is discharged

Chapter 13 = 1 year into repayment.  Must document 12 months of payments made on time.  You must also obtain permission from the court to enter into a mortgage.  This bankruptcy does NOT have to be discharged.
  • August 05 2010
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