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Profile picture for hebo
  • hebo
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I was discharge from a bankruptcy 2 yrs and 9 mos.ago.

 The loan was reaffirmed and I have not been late since 5/2009. The bankruptcy was discharge 6/2010. Would I be able to get a conventional loan if the bankruptcy was due to medical  disability and divorce. Also I would be putting a down payment of 35%.
Thanks
  • February 11 2013 - Chandler
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Answers (10)

Best Answer

Was it a Chapter 7 or 13?  If it was a 13, then only a 2 year waiting period to go conventional.  If you are a veteran, and eliigible for VA benefits, then only 2 years.  Same for FHA.  Extenuating circumstances do give you leeway and a sizable down payment such as 35% would definitely aid in your quest to find more favorable underwriting.
  • February 11 2013
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Profile picture for Rob Hale
There are loan programs available to you.  It will be up to you to decide which program works best.  I personally know several lenders that you could contact
  • September 24 2013
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Profile picture for CallTheSisters
Two years out, no lates, a decent credit score and 35% down you should be able to find a lender to finance you if your debt to income ratios are in line.

Contact a local mortgage broker.
  • February 27 2013
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" I'm wondering why Thomas is posting as Jake? 
Zillow, how many people at Academy Mortgage get to post under one account?"

Go Huskers that is Jake Krabbe a licensed loan officer in Arizona at Academy not me.
  • February 26 2013
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Profile picture for Go Huskers
"FHA has a 2 year waiting period for a bankruptcy.   Did you have a home in your BK or Foreclosure?   Contact an All Star Zillow Lender in your area and get some specific answers to your questions. "
-----
I knew I recognized you Thomas Gessner. You posted: "Hi Julie30514,
I suggest you contact a Zillow all star lender, there are several you can do that loan for you without an appraisal."


I'm wondering why Thomas is posting as Jake? 
Zillow, how many people at Academy Mortgage get to post under one account?
  • February 18 2013
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Profile picture for Academy Mortgage AZ
FHA has a 2 year waiting period for a bankruptcy.   Did you have a home in your BK or Foreclosure?   Contact an All Star Zillow Lender in your area and get some specific answers to your questions.

Thanks,

Jake
  • February 18 2013
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Profile picture for RealEstateCrew
Visit with three local lenders in your city or town and speak with them directly, you can get a lot more accomplished in person than via the internet and phone.  

With your down payment, depending on the value of the home you would like to refi, you should not have a problem, especially if the lender holds their notes and does not sell them on the back side.  

Best of Luck.
  • February 12 2013
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This is a great question!  Have you spoken to lender about this?
  • February 12 2013
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A conventional loan probably not but an FHA loan absolutely! What is your credit score?
  • February 11 2013
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Maybe not a conventional loan, but it is worth asking a lender. It all depends on your personal circumstances and credit report. However, you would be able to qualify for a "Seller May Carry" loan with the down payment. Typically they provide 2-5 years for you to get a traditional mortgage as a bridge.
  • February 11 2013
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