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Answers (6)
- notepro
- Contributions:4
There is another way, and that is owner financing. However, you shouldn't consider anything until you get your financial house in order. That should be your first priority.
Learn about financing. Learn about what you should be able to afford with your current income. Figure out ways to increase your income while reducing expenses.
There is a whole world of financing out there that doesn't involve banks.
Learn about financing. Learn about what you should be able to afford with your current income. Figure out ways to increase your income while reducing expenses.
There is a whole world of financing out there that doesn't involve banks.
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
What was the chain of events that caused the bankruptcy? You mentioned medical bills. Was there a medical event that caused it all?
Like Lewis said, if it can be attributed to an extenuating circumstance then just 12 months after a Ch 7 BK discharge can be acceptable provided that you have 12 months of re-established credit as well as no new negatives since the BK discharge.
Like Lewis said, if it can be attributed to an extenuating circumstance then just 12 months after a Ch 7 BK discharge can be acceptable provided that you have 12 months of re-established credit as well as no new negatives since the BK discharge.
- goodinhouse123
- Contributions:51
No foreclosures on bk, mostly hospital bills, and one car repo back in 2001..
- Lew Corcoran, "Lewis Corcoran"
- Contributions:41
If you had a Chapter 7 bankruptcy, the length of time you will have to wait is based in part on the type of mortgage you want to apply for. You will be required to wait as long as 4 or more years before you can qualify for another mortgage.
For example, for a conventional mortgage, it's 4 years. However, for USDA, it's only 3 years. For FHA and VA, it's only 2 years.
It's possible to get a mortgage in less time if there are acceptable extenuating circumstances that lead to the bankruptcy. In all cases, a divorce is not considered acceptable. In most cases, a loss of job is not considered acceptable either. However, in some cases, it is.
Know that every lender has their own specific requirements, and may require even lengthier waiting times.You should speak with a mortgage lender or broker about your specific situation to see when you can qualify again for another mortgage.
For example, for a conventional mortgage, it's 4 years. However, for USDA, it's only 3 years. For FHA and VA, it's only 2 years.
It's possible to get a mortgage in less time if there are acceptable extenuating circumstances that lead to the bankruptcy. In all cases, a divorce is not considered acceptable. In most cases, a loss of job is not considered acceptable either. However, in some cases, it is.
Know that every lender has their own specific requirements, and may require even lengthier waiting times.You should speak with a mortgage lender or broker about your specific situation to see when you can qualify again for another mortgage.
- David Stein, "Military Loan Expert"
- Contributions:315
2 years after BK or Foreclosure is rule of thumb now. You are not able to get anything before 2 years
- shapiroamg
- Contributions:3058
No one is doing it sooner. Actually there were companies doing it sooner but they are no longer in business.
why have the 2 year time limit after chapter 7 discharge? and can you get financing before the 2 yrs
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