Zillow Advice: Home Buying - What are my options of buying a home immediately after bankruptcy? http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ Zillow Advice | Zillow Real Estate The down an dirty on buying ... http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ The down an dirty on buying after&nbsp;Foreclosure, Bankruptcy, And Short Sale. You will need to find a bank in your area that does loans based on QM guidelines. This means that bank does not ad there own level of thresh hold to the loan. EXAMPLE fha guidelines show you can get a loan with a 580 credit score with compensating factor's. &nbsp;Most banks will ad there own high level to that to say we will not write a loan unless the client has a 640 or a 680 credit score. This is the same with the new guidelines for after Foreclosure, Bankruptcy and short sale. You have to find a lender that does not ad that extra level to it saying they will not loan to any one until they have been out side of foreclosure bankruptcy or short sale for a min. of 2 yrs. The guidelines them self allow you to buy the very next day. It's the bank's extra level that get's added to it. Some banks will say yes we can help you buy a home the day after but you can not have more then 2 late payments in the past 2 yrs. Well again this is just another extra level that bank laid on the top. fha's compensating factors give way for that if you have a 580 credit score your&nbsp;compensating factors take into effect that you just filed bankruptcy and thus you have 24 months or more of late payments. You just have to find the bank in your area that does it. I have helped clients do this after a Foreclosure I am in Pennsylvania and found a Bank just over the Maryland line that does it for my clients. for more help stop by http://stormteamrealestate.com&nbsp; Sat, 23 Nov 2013 20:59:00 GMT http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ 2013-11-23T20:59:00Z Borrowers who lost their ... http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ Borrowers who lost their homes due to foreclosure no longer have to wait 3 years to apply for a new loan. FHA Back To Work Program waives Foreclosure, Bankruptcy, And Short Sale waiting periods.<br/><br/>Talk to a lender. It is possible to get a loan after foreclosure if you find the right lender. Sat, 23 Nov 2013 20:47:00 GMT http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ 2013-11-23T20:47:00Z Looking online for homes ... http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ Looking online for homes listed as "owner carry" or "owner will finance" is probably your best bet. &nbsp; The earliest you could get a mortgage would be 2 years out of discharge for a Chpt 7 (1 year out if it was filed for medical reasons), using an FHA loan.&nbsp; <br/><br/>Wetdawgs answer regarding hard money lenders is also right.&nbsp; Hard money lenders will loan you the money as well, but at horribly high rates, with nasty fees and they will require a very large down-payment.&nbsp; I'd have to assume that if you just filed for bankruptcy, that you probably don't exactly have a 30% down payment just lying around. Sat, 18 May 2013 20:15:00 GMT http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ 2013-05-18T20:15:00Z I am not a realtor or mortgage ... http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ I am not a realtor or mortgage lender, but I think you might be wise to call around and ask a few of them in your area this same question.&nbsp; I was always under the impression that the only way one could buy a house after bankruptcy was either through a cash sale only or if you are one of the (very few) to find a seller willing to hold the mortgage outright.&nbsp; However, a former co-worker of mine went into bankruptcy&nbsp;a couple of years ago&nbsp;during her divorce&nbsp;while her husband remained in their home but did not make the payments.&nbsp; Long story short, she DID have a bankruptcy on her credit report, but with a 20% down payment in cash, she was able to buy a house about 6 months later though I have no idea what kind of a rate she paid.&nbsp; I honestly believe as long as you have a&nbsp;reasonable down&nbsp;payment, you will find someone to work with you.&nbsp; You just have to put in the time and make the calls.&nbsp; Good luck and hope this helps. Sat, 18 May 2013 19:20:00 GMT http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ 2013-05-18T19:20:00Z If you've got cash, then ... http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ If you've got cash, then you are all set.&nbsp; Otherwise, if you were really asking "what are my options to get a mortgage?", the options are none immediately after bankruptcy unless perhaps you can find a hard money lender who will you lend you money with a very large down payment at 3 to 4x higher interest rates than market rates. <br/><br/>How long you will have wait depends on type of bankruptcy, discharge date, type of mortgage and other factors.&nbsp; <br/><br/><br/> Sat, 18 May 2013 19:01:00 GMT http://www.zillow.com/advice-thread/What-are-my-options-of-buying-a-home-immediately-after-bankruptcy/492942/ 2013-05-18T19:01:00Z