Profile picture for desire96

how nto get a loan after 23 month of bankrupcy

i want to buy a home but i am only 1.1/2 month from 2 years ... can i find a loan or need to wait i  found the home i realy want
  • July 12 2011 - Las Vegas
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Answers (8)

Best Answer

Did you have a foreclosure of a home in conjunction with the bankruptcy? 

  • July 12 2011
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You can look into seller financing.  I closed a deal a few months ago for folks putting 25% down with no credit check on a property bought at trustee auction by the seller. 

Otherwise, I would have to defer to one of the lenders.
  • July 31 2011
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Yes, you can get an FHA loan short of the 2 years depending on circusmstances. I have done them but you can't get a DU approval with being short of the date. It will be a manual underwrite and then the circumstance comes into play. It would have to have been special circumstances such as medical or something documentable or wait the 2 yrs and buy then. The home prices will still be the same and it will be easier to get approved. You do need to have no derogatory credit since the BK and especially none in the last 12 months. There are many factors and you need a minimum 580 fico for as low as half percent down with the CHF Access home purchase loan.
  • July 15 2011
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It is best to wait the 2 years and try for a FHA loan then jump the gun and get a really high rate hard money loan.
  • July 12 2011
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Profile picture for desire96
NO HOME AND NO CAR I KEEPED THEM BOTH
  • July 12 2011
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Hello Desire,

There are loans available through private lending that will possibly allow you to purchase a property within that time frame. I am not a lender and do not know the exact criteria but I have heard of success stories. I believe the bank the lender that can do that is Alterra home loans or All Western Mortgage. Please remember to weigh the costs involved with getting a loan now vs a loan that you would qualify for in 6 months with FHA. Good luck!

Respectfully,

Billy Alt
Realty World Luxury Homes

  • July 12 2011
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If you did not have a property included in the bankruptcy and you meet the minimum credit requirements for an FHA loan, you can close after you've met the two year minimum required waiting period.

You can go through a lender to obtain a pre-approval contingent upon closing after the two year requirement has been met.  We've done this for borrowers in the past, not requiring they wait until the two year period has been met to begin the qualification process.  This may allow you to make an offer on the home you really want.

Conventional mortgages require you wait four years unless you have extenuating circumstances that can be proven to an underwriter.

I would contact a local lender you trust.  If you don't know anyone, ask people you trust for a referral.  Some lenders will not work with you until your bankruptcy has been discharged for 24 months.

  • July 12 2011
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Profile picture for shapiroamg
you need 24 months from the discharge.
  • July 12 2011
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