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Filed bankruptcy included mortgage in 2011. Can I get a home loan with a large down payment?

I meant to say WITH OUT a large down. oops! Filed bankruptcy that included my mortgage due to divorce in 2011. Credit score is about 680 and income about $90,000+. I have no debt currently. What are my chances of getting a decent home loan with out a large down payment?

Thank you
  • October 31 2013 - Federal Way
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Answers (7)

Profile picture for Portfolio Home Loans
You can get an FHA loan if the Foreclosure has been more that 3 years ago.. With a BK sometimes it's included but the foreclosure does not go through until much later. We have a program that would allow you to buy again right away after Foreclosure and 2 years after BK discharge. It's a 20% down-payment however, and I'm not sure that works for you. Good Luck!

  • January 29 2014
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FHA and VA loan require 2 years waiting period for chapter 7 bankruptcy while chapter 13 only requires 1 year.

For USDA, you must wait three years from the date of a Chapter 7 discharge or after 12 months of making Chapter 13 plan payments, with court approval, or at least one year after the Chapter 13 is discharged.
  • November 01 2013
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Hi 

without any extenuating circumstance waiting period as followed :

VA- 2 years and 100% financing

FHA- 3 years and 3.5% down.

Conventional- 7 years and 5% down

USDA 3 years and 100% financing

Omar Khamisa
NMLS 369325

  • November 01 2013
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Obviously this was a BK7 b/c your house was included. Your house most likely foreclosed 3 months after your BK discharge date, therefore, the waiting time periods for getting a new loan (with down payments) are:

VA- 2 years and 100% financing

FHA- 3 years and 3.5% down (possibly 1 year if you qualify for the FHA BACK TO WORK PROGRAM) see my Zillow post regarding this loan.

Conventional- 7 years and 5% down

USDA 3 years and 100% financing

Note: this applies to the date your name transferred off the loan.

  • October 31 2013
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OK,

For your waiting period is impacted more by the foreclosure than the bankruptcy (unless you were not on title of the home).

For a conventional loan the waiting period is 7 years from the date the foreclosure was complete and title was transferred to the bank.(CH 7 is 3 years)

For an FHA loan the waiting period is 3 years.(Ch 13 is 2 years)

For a VA loan (if you are VA eligible) the waiting period is 2 years)(Ch 7 is 2 years as well)

For a USDA loan (if your meet income and geographic limitations. You might make too much) the waiting period is 3 years. (Ch 7 is 3 years as well)

Some of the Foreclosure waiting periods can be reduced due to extenuating circumstances but the only ones that I have seen that get approved were for a death of the bread winner of the family.

So, if you are VA eligible you may be good to go right now. If not, an FHA loan or USDA loan could work on your 3 year "anniversary".

If you want to drill down deeper just click on my profile and send me an email. We can get you mortgage ready for when the time comes.

Best regards,

Doug
  • October 31 2013
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It was 7 and the house was foreclosed
  • October 31 2013
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Hi,

Thanks for posting your question. I will need a little more info to give you a good answer.

What type of BK? Chapter 13 or Chapter 7? What was the discharge date of the bankruptcy?

Was your house foreclosed on or sold at as a short sale?

Thanks,

Doug
  • October 31 2013
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