Forgotten Your Password?

Need to Register?

Question Icon

How soon, if at all, can we refinance after a bk?

by bulildcb68 from Graysville, Tennessee. Mar 20th 2018 Reply


Chris Neuswanger (mtnmortgageguy)
#93 ranked lender in Colorado - 87 contributions

If its a hardship BK (i.e. you lost your job, had huge medical bills) generally 3-4 years, if not generally 7-years.

Mar 20th 2018
1
0
Nancy J Releford (nancyreleford)
#5 ranked lender in Tennessee - 221 contributions

It depend s on what kind of BK. If it is a 13, you can purchase or refinance after 12 mos as long as paid on time. 2 yrs out of BK if it's an FHA loan.

Mar 20th 2018
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,791 contributions

There are mandatory waiting periods after a bankruptcy based on many factors, including what type of NEW loan you would be getting. For a current breakdown of the rules, visit https://joemetzler.com/waiting-period-after-foreclosure-short-sale-or-bankruptcy.htm

Mar 21st 2018
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,455 contributions

More info needed, but in general.. all loan products have mandatory waiting periods.after major derogatory events,, including BK's... and the waiting periods vary depending on the loan product you are trying to qualify for.. If you did a Ch 13, then so long as you have made the last 12 payments on time, you can refinance with FHA, but for conventional, you have to wait 2 years.. if you did a BK 7, then you have to wait 3 for FHA and 4 years for conventional. Aside from the mandatory waiting periods, you still have to meet all other eligibility requirements,, credit scores, debt to income ratios, etc.. I'm a preferred Lender with California and Arizona being my primary markets. 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.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 22nd 2018
1
0
Subscribe to our news feed.