If you were to apply while you are still in BK and before it was discharged, you would need permission from the trustee, but you could have applied then.. However after your out of BK, you would have to wait 2 years. While in BK, it's unlikely the trustee would have approved you for more expensive home... with VA however, they only require 1 year out of BK to qualify, but you need to find a lender who does not have their own guidelines which extend that waiting period... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.comOct 19th 2012
yes,, you will have to wait for the 3 yrs for fha, and 5 to 7 for a conventional.. you will have to use your husband ;s income to qualify, and get a house that you can afford with his income... i specialize in VA LOANS ... a VA LOAN is 100% no mortgage insurance ,and they are flexible on the debt to income ratios... please email me at firstname.lastname@example.org lindaOct 19th 2012
You may be able to qualify, but your mortgage options will be limited due to the BK. With a FHA loan, you can actually get mortgage financing "while you are in Chapter 13 bankrupcty" and "one day" after the discharge of a Chapter 13. Of course, specific qualifying guidelines will apply - - AND - - I have closed loans like this. Give me a call or email on Monday and lets talk about it a bit more.Oct 19th 2012
Tap the brakes,....don't plan on packing just yet. As long as you are on the loan, you're going to have to wait 2 - 7 years based on the type of loan program you're looking at doing. The only way around this is if you go conv. and put the loan only in your husbands name. Of course, without your income you will need a less priced home so this may not be an option for you. FHA and VA will require you to be on the loan, thus be a deal killer.Sorry, that's the penalty for filing BK.Oct 19th 2012
Sorry , you would have to wait 2 years out of bankruptcy with a re-establishment of credit in order to qualify, that would be for an fha loan, for VA, good luck finding a lender who will do it for less than 2 years too....if the bankruptcy, by any chance was medically related, ie: cancer, long term illness, etc.....possible exception to the rule...but wait 2 years you must ....Oct 19th 2012
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