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Answers (8)
- tnnrse11
- Contributions:18
I just paid off a chpater 13. Have a credit score of 726 and my lender called his underwriter and he said he could give me a loan with 5% down and at less than 5% interest rate. Look around, the right Mortgage Broker can find you a loan. Especially since it is such a small amount. Godd Luck!
- Johnny James, "Palmdale Mortgage"
- Contributions:406
30% down 12.99% no prepayment get it done
- CommunityHomeLending
- Contributions:9
shyzen,
Bob's answer is spot on. In addition to that, if you had a foreclosure that occured as a result of your bankruptcy, you will have to wait 36 months before qualifying for a FHA loan.
The only real option you have to purchase a home right now is to find a hard money lender. However, the rate and fees will be very high. They will also require you to have at least 30% down.
Best of luck!!
Bob's answer is spot on. In addition to that, if you had a foreclosure that occured as a result of your bankruptcy, you will have to wait 36 months before qualifying for a FHA loan.
The only real option you have to purchase a home right now is to find a hard money lender. However, the rate and fees will be very high. They will also require you to have at least 30% down.
Best of luck!!
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Lew, its a Chapter 13, not a Chapter 12.
For FHA mortgages, there is a minimum 2 year wait from the date of discharge of a Chapter 7 bankruptcy. If you had extenuating circumstances that led to the bankruptcy, then it's only a 1 year wait.
If you had a Chapter 12 bankruptcy, then the wait is only 1 year. You will need the permission of the bankruptcy court, and all payments into the bankruptcy plan must have been made on time.
In both cases, you must re-establish credit, and you can not have any late payments on any accounts since the bankruptcy.
- NeedinFHA
- Contributions:122
I suppose I will kindly answer NO. Sorry fella.
- HOME boy1
- Contributions:5
Good luck
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Most programs require a minimum of two years or greater. You will also have to have re-established credit and acceptable credit scores. FHA does allow exceptions, if there was an extenuating circumstance that caused the bankruptcy filing. However, you would still need at least 12 months since filing, documentation of an exceptable extenuating circumstance, re-established credit, and acceptable credit scores.
Is there a lender who will finance me with a fairly recent bankruptcy?
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