Profile picture for irchik

I am looking for house, but the problem is, I filed the bankruptcy a while ago, and not sure how lon

  • June 14 2010 - Buffalo Grove
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Answers (7)

All good answers.  The best thing you can do is to talk to a lender (get a referral from a friend or Realtor) and don't hold back.  Lay all your cards on the table, debts, income and let them run your credit score.  Only once a good loan officer has your payment history, income, current debts and the details of your bankruptcy filings can you get an accurate picture of what your borrowing power is or isn't.  If don't qualify yet, a good loan officer can counsel you on how to rebuild your credit and get to a place where you are ready for a home loan. 
  • June 21 2010
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Profile picture for bac1876
Lots of good answers.  I would like to add to Kelly's response, there is one thing that many buyers are not aware of - no lates after a BK.  Almost every lender has come out with this new stipulation.  If you have any late payments reported on your credit after a discharged bankruptcy it you will be disqualified from getting an FHA loan.
  • June 21 2010
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Kelly has the right answer.  This will be a help full site for youhttp://creditempowerment.com/main/.  You can also contact Christina Hunt at the Credit Score Professional.  Her Company CMAC is an accredited statis with the BBB. http://bit.ly/cAfnkI
  • June 21 2010
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Profile picture for ABBAUSA
All answers are good.

Pay all your bills on time.

Save a little each pay check.

Be patience and be frugal.

You will be a homeowner again before you know it.

Good Luck!

James Callas - Realtor®
  • June 20 2010
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Profile picture for egelandgroup
Irchik,
Definitely meet with a mortgage broker.
Even if you cannot qualify for a loan currently, they should be able to advise & prepare you for the future.
  • June 20 2010
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To qualify for FHA financing you have to have a perfect payment history for 1 year on a Chapt. 13 and a Chapt. 7 has to be discharged for 2 years. Positive re-establish credit a must and minimum middle credit score of 620.  Because of the credit requirements most people have to wait a while longer before applying.
  • June 14 2010
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Profile picture for wetdawgs
After a few years, a person who has had a bankruptcy discharged may be eligible for a home mortgage.   Perhaps you could meet with a loan officer and review your details and get some feedback on your current situation.

  • June 14 2010
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