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Old 02-05-2008, 01:13 PM
 
2 posts, read 5,690 times
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I just filed bankrupt and would like to know how long I have to wait to qualify to purchase a home.
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Old 02-05-2008, 02:37 PM
 
2,482 posts, read 8,262,726 times
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I think it was 7-10 years, last I checked.
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Old 02-05-2008, 02:40 PM
 
27,421 posts, read 56,355,532 times
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Quote:
Originally Posted by tiapoulson View Post
I just filed bankrupt and would like to know how long I have to wait to qualify to purchase a home.
No wait at all if your not dependant on getting institutional financing to purchase.

You will get better answers on the Mortgage Forum if you're question is Mortgage related.
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Old 02-05-2008, 02:47 PM
 
Location: Brunswick, ME (Hometown: Newark, N.J.)
170 posts, read 447,259 times
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7 years? Don't quote me on that. Can someone verify this?
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Old 02-05-2008, 03:21 PM
 
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We just got approved for an FHA loan at 6% and 4% down. We filed bankruptcy last April. We do have to want until April 21st to close. It had to be 1 year after being discharged. So we are looking at houses now and by the time we find one , get all the inspections and appraisals done it should be about time for us to be able to close.
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Old 02-05-2008, 03:24 PM
 
Location: Burlington County NJ
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Thats great that you can rebound so quickly. I would have thought you would have to wait the 7 years.
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Old 02-05-2008, 03:26 PM
 
Location: Gainesville, VA
566 posts, read 2,819,114 times
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Quote:
Originally Posted by tiapoulson View Post
I just filed bankrupt, how long do I have to wait to qualify to purchase a home.
For a conv/conforming loan you must wait 2 years from the file date and it has to be discharged at least one day prior to you completing an application. Keep in mind that doesn't mean you'll get approved, just how long it will be until you are not completely ruled out.
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Old 02-05-2008, 03:55 PM
 
69,360 posts, read 58,394,989 times
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Quote:
Originally Posted by tiapoulson View Post
I just filed bankrupt, how long do I have to wait to qualify to purchase a home.
It depends, I have seen people buy a home a day out of bankruptcy. It depends on income, down payment, and if you filed chapter 7, or 13.

A year ago, it was a lot easier, now banks are looking for more down payments, but every bank is different.
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Old 02-05-2008, 04:43 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,664,477 times
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BK 7 - 24months from the discharged date....with rebuilt history
BK 13 - 12months from the discharged date...with rebuilt history
Foreclosure 36months from when the home was sold out of foreclosure.

There maybe lenders that will do it after BK before this...but you will have a really high rate.

Edit* These are the FHA credit guidelines
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Old 02-05-2008, 04:52 PM
 
Location: Maryland
1,667 posts, read 8,749,137 times
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Both good points. You're going to pay a premium for credit, though.
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