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Answers (3)
- Aaron Crossley, "RMCVanguard Kirkland"
- Contributions:53
Here's the general rule for FHA (which will be your best option), but lenders often have their own requirements so you won't find every lender sticks to this...
Chapter 13 bankruptcy - 1 year from discharge
Chapter 7 bankruptcy - 2 years from discharge
Foreclosure - 3 years
Credit score is usually the biggest hurdle after these major events. You should monitor your credit to be sure everything is being reported correctly and work hard to increase your scores (as well as saving a downpayment), so that you can move forward once enough time has passed.
Chapter 13 bankruptcy - 1 year from discharge
Chapter 7 bankruptcy - 2 years from discharge
Foreclosure - 3 years
Credit score is usually the biggest hurdle after these major events. You should monitor your credit to be sure everything is being reported correctly and work hard to increase your scores (as well as saving a downpayment), so that you can move forward once enough time has passed.
- wetdawgs
- Contributions:26854
It takes several years after a foreclosure to be able to purchase. Also, after a bankruptcy it is several years. What was your date of discharge?
Have you save up a good down payment? Money to cover closing costs? Emergency money for six months of living expenses and home maintenance?
Have you save up a good down payment? Money to cover closing costs? Emergency money for six months of living expenses and home maintenance?
- Sean Ogilvie, "California Mortgage"
- Contributions:173
If these have occured recently you will have to wait years and rebuild your credit over time before you would be able to qualify for a loan.
When was the foreclosure finalized? When did you file BK and what chapter? Was it satisified and when?
ihave a foreclosed home and bank rapsy can i buy a home
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