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how long after bankruptcy do I wait to try to get an VA or FHA aproval to purchase a home?

Our bankruptcy will be two years old on 1/11/2013, we would like to buy a home in 2013 or even sooner if possible. We have two open lines of Credit (20% or less owing on both)and we just purchased a car at an 8% interest rate through Capital One, they also hold our two lines of credit.We will have or close to $20,000.00 to put down, and have found homes in our area that are priced uner $150,000.00 that will fit our needs.At what point do we start getting aproved for a loan.thank you Janet by garjan_116_990 from Rio Linda, California. Feb 11th 2012 Reply


Nathan Rufty (nathan.rufty)
#524 ranked lender in California - 63 contributions

2 years from the discharge date is when we can close an escrow, you can start your pre-approval process in December of this year, just do know we can not close escrow until the 2 years is completing up, but in December you can at least start the process to look for home and make offers as long as the rest of the credit, income and the ability for the down payment is there and also a good time to run your credit to see if you need to do anything during the month of December to clean up and correct before the 2 years is up. Call me at 909-503-5600 and i can put you in my database to call you in December 2012 and run your credit and review to see how the credit and scores are. I look forward in hearing from you.

Feb 12th 2012
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Richard Graeff (rgraef_557_104)
#573 ranked lender in California - 1 contribution

I can get you approved after 2 years fron the discharge date on the bankruptcy.

Feb 11th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Current underwriting guidelines call for two years from the date of the Discharge Order for a Chapter 7. Some folks confuse this with the date the Chapter 7 Petition was filed. If your Discharge occurred on January 11, 2011, then you would not be able to close escrow until January 12, 2013. I would recommend that you contact a local Mortgage Banker/Broker to do a credit analysis now. Quite frequently after a Discharge, there are many errors on the credit profile that need to be cleaned up. Starting now will help make sure your scores are where they need to be next January. Be very careful with your payments between now and then, a single late payment could torpedo your plans. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 11th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

2 years after discharge date, and with VA you won't need to use your nest egg for a deposit as they go to 100% financing and FHA finances to close to 97%. With VA you need to make sure you qualify and fill out form ahead of time form 214...Best of Luck ANd always use a mortgage broker as they can shop all the banks for you....

Feb 12th 2012
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