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I file bankruptcy and would like to apply for a mortgage I am starting a class for a grant for help with the down payment and have a small saving account I am trying to purchase in a year after the bankruptcy Can I apply?

by eddsha.bunion from Midway, Florida. Apr 5th 2010 Reply

Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 146 contributions

Generally guidelines require 2 years from the date of discharge to qualify. FHA however will approve a loan with at least 1 year out of BK provided there are other positive factors(compensating factors) present such as perfect payment history on all credit since the BK, new credit obtained since the bk also with a perfect payments history, debt ratio under 41%, larger down payment, significant reserves, successful payment of housing expenses equal to or greater than the proposed expense over the last 12 to 24 months potential for increased income from the borrowers job. You should talk to a loan officer directly and complete an application to determine wheter you can qualify.

Apr 8th 2010

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Apr 5th 2010
Todd Tholl (
#4 ranked lender in Iowa - 239 contributions

must be two years from BK discharge to qualify

Apr 6th 2010
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