Home purchase after bankruptcy..

What is the what is the waiting period to qualify for a mortgage in California after a bankruptcy. We walked away from our home in 2011 to relocate to due to mother getting cancer. Our home was upside down by 200k and had too much income to qualify for DIL/ or short sale. As of this date (6/2014) they have yet to foreclose. Does the waiting period start after the bankruptcy or the foreclosure? Also I was not on the mortgage I was just listed as right of survivorship. My credit score is above 800 and my husbands is around 680. I do not work and my husbands salary is 140k a year.
  • June 12 2014 - Placerville
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Answers (3)

When was the Bankruptcy discharge? [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • June 18 2014
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You may qualify FHA ONE YEAR after a BK, short sale, foreclosure or deed in lieu. You may then qualify FHA with a minimum 580 fico score and 3.5% down or as low as .5% half percent down payment program. I am afraid that if the home is still not foreclosed that the time frame has not started yet. You may qualify conventional ONE DAY after a short sale, foreclosure or deed in lieu with 20% down and a minimum 660 fico score.
  • June 15 2014
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assuming it was a CH 7 - waiting period starts after  foreclosure is completed ?...then for  conventional loans the watiing period is 4 years ...with FHA - its 2 years ....
if you can go with VA loan ...waiting period begins when BK was  discharged
  • June 12 2014
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