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FHA loan after banktrupcy

About two years ago I filed bankruptcy and included the home in the bankruptcy. The property was discharged along with the bankruptcy. Is this house considered a bankruptcy or a foreclosure? Would I have to wait 2 or 3 years for an FHA loan or will it depend on my credit and debt/income ratio? by bruce._542_900 from St. Paul, Missouri. Nov 14th 2011 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

Even though you included the home in the Bankruptcy, you are still looking at a minimum of 3 years from the date the house was transferred out of your name before you are eligible for a new FHA home loan. You will want to get a copy of the Foreclosure deed that was recorded by the lender with your county recorder. You will probably find that this date was well after the date the Bankruptcy court discharged your bankruptcy case. This will be the start of your three year period. In addition, you will need to have re-established your credit history and improved your scores to an acceptable level.

Nov 14th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You will have to wait 3 years from the date the home transferred out of your name. If you included a home in your BK, but the lender didn't actually foreclose and take the home out of your name until a year after your discharge date, then you will have to wait 3 years AFTER the home was transferred out of your name... There are very few exceptions to this rule. Contact a local mortgage broker, not a bank and apply with him.. he has multiple lenders he deals with and will be able to place your loan with the right lender based on your scenario.. WilliamAcres.com

Nov 14th 2011
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Steve Vaserman (StevieV)
#54 ranked lender in Illinois - 7 contributions

I'm assuming you are talking about ch7. In that case, you will have to wait 2 years from discharge date and 3 years if home went into foreclosure. I think you would know though if your home went into foreclosure.Thanks,Steve Vasermanwww.SupremeLendingIL.com

Nov 14th 2011
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Dennis Sauerwein (stlmortgagerates)
#11 ranked lender in Missouri - 20 contributions

If the home was in the bankruptcy, it is 3 yrs from the discharge date. You could do a contract for deed with a seller. If the contract is recorded it will be viewed a refinance. This is a great way to keep the home you want from getting away, for now and refinance it when you qualify in the future.

Nov 14th 2011
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