Zillow Advice: Credit Scores - how soon after you file for bk can you apply for a home loan? credit score is 590 its been 1 year http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ Zillow Advice | Zillow Real Estate One of the users below provided ... http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ One of the users below provided false information, so my first piece of advice would be - be careful who you are listening to. After a Ch. 7, most, if not all, lenders will allow for a standard FHA loan after 2 years and a conventional loan after 4 years. The 7 year time-frame is only for people who have had foreclosures and are seeking conventional financing (FHA is only 3 years for foreclosures with most lenders).<br/><br/>In your situation, you have two hurdles. The first is the recent bankruptcy. FHA recently released a program called Back-to-Work which allows for people to obtain a new purchase loan 12 months after a bankruptcy, foreclosure, or short sale, if they went through an "economic event". An economic event is a loss of job or income due to factors beyond the borrower's control. This requires documentation of income before and after and recovered credit (which it sounds like you have covered). You also need to complete an FHA housing class 30 days before applying (info here:&nbsp;<a href="http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm" rel="nofollow">http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm</a>).<br/><br/>The second hurdle is the 590 credit score. Certain lenders are able to lend down to 580 (we are one of them) on FHA loans. You will have to show a 12 month history of on-time mortgage/rent payments and strong, verifiable assets. You will also need to meet income requirements, as with all programs.<br/><br/>Qualifying for both programs at the same time is not impossible, but you will want to have all your ducks in a row before considering it.<br/><br/>I hope this info helps and best of luck! Thu, 26 Sep 2013 14:27:00 GMT http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ 2013-09-26T14:27:00Z I had my bk cause of 2 car ... http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ I had my bk cause of 2 car repos and collections, i just paid down my credit cards this month so the score should go up a little. Thu, 26 Sep 2013 14:14:00 GMT http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ 2013-09-26T14:14:00Z What was cause of your bk? ... http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ What was cause of your bk? Are your ceedit scores low becuase your credit cards maxed out? Thu, 26 Sep 2013 10:31:00 GMT http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ 2013-09-26T10:31:00Z It really depends on who ... http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ It really depends on who is lending you the money. Private investor (you bring 35%-40% to the table) and you should not have any difficulties. &nbsp;If you go to banks minimum time frame I have seen is 7 years. You may want to call banks in your area and just asked them on how they are treating bankruptcies. Thu, 26 Sep 2013 04:23:00 GMT http://www.zillow.com/advice-thread/how-soon-after-you-file-for-bk-can-you-apply-for-a-home-loan-credit-score-is-590-its-been-1-year/512952/ 2013-09-26T04:23:00Z