how many years do I have to be out of chapter 7 bankruptcy to obtain a mortgage for a new home?

  • August 11 2010 - Cleveland
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Answers (3)

About 2 years with good credit after the bankruptcy.  If you go with an FHA loan you will need 3.5% down and a minimum credit score of at least 620.

I have a really great finance manager at my office in North Royalton.  He is very knowledgeable and could let you know where you stand with getting a loan.

Please contact me at [contact removed by moderator] or at [contact removed by moderator]

Sheila Bradford
Realtor
Howard Hanna
  • September 08 2010
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Definitely talk to your lender about it, but I agree with Paul, about two years.
  • August 12 2010
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You need to be 2 years out from a chapter 7 bankruptcy as long at there was no home foreclosure involved.  If there was a foreclosure you need to wait 3 years.  If you get a prepaid credit card after the BK and use it wisely, you should be able to get your score back up to the 620 you will need to buy a house through FHA.

Hope this helps
Paul
  • August 12 2010
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