Profile picture for gebo12142

filed chapter 7 in aug 2011......

filed chapter 7 in aug 2011....am I able to purchase a home? my understanding is a 36 month wait period.
also I am in a situation were I have to relocate per noise impact area and will have been awarded relocation funds to move. enough to put down on a property. fico is 620...steady empolyment for 2 years... will I qualify?
  • June 11 2014 - Phoenix
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Profile picture for gebo12142
I appreciate all the insight and point of views.....in gratitude thank you...
now my question is dealing with a for sale by owner....(I realize it puts lenders and realtors out of the game but would like to hear responses) 
 my understanding is owner can receive funding source if it meets all rules, regs, and stipulations from funding source program ...fsbo can carry note?
Thank you
George
  • June 19 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi!

You can purchase a new home with a FHA Loan after a 2 year waiting period. There is a 4 year waiting period if you want a conventional mortgage.

Please bare in mind that the WAITING PERIOD BEGINS from the date your bankruptcy was discharged or dismissed. 

I hope this helps.

Sincerely, 

Lisa Markham
  • June 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

gebo12142,

If you are considering a conventional loan it would be 48 months from the discharge date or dismissal date for a chapter 7 and a chapter 13 it would be 24 months from the discharge or 48 months for a dismissal.  You should be able to apply for an FHA home loan as you would need to be 2 years past your discharge.  You should see about speaking to a loan officer and going over your qualifications.   
  • June 12 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

YOUR BEST BET IS TO SPEAK TO A LOAN OFFER/LENDER WHO CAN GO OVER YOUR SPECIFIC SITUATION - I WORK WITH AN OUTSTANDING LENDER WHO WILL DIRECT YOU AND PREPARE YOU FOR PURCHASING A HOME.

[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • June 11 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you can get your credit score up 20 more points gebo you may be able to qualify for the home in 5 program.  It's a down payment assistance program in Maricopa county that gives you a 5% federal grant towards your down payment.  If you want more info I would be glad to help out.
  • June 11 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for DavidK22
You will need to wait a full 36 months. However you can start the process before the 36 months is up. Please make sure that the mortgage company pulls CAVIERS to make sure the date is the date you can purchase. Besides that you should be set to purchase.
  • June 11 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.