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I filed bankruptcy and it was discharged in January of 2012. I've since purchased a vehicle and paid one off one

I also ave gotten a few credit cards and paid them on time. Last checked my score was about 660. How long do I have to wait to purchase a home? by Tyrika_725_699 from Linden, New Jersey. Mar 2nd 2013 Reply


Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

Rebuilding credit after a bankruptcy is discharge if very important if you wish to purchase a home in the future. In addition, to be eligible for FHA financing, you must wait until two years have passed from the date on the discharge order, assuming the bankruptcy was a chapter 7. If it was a 13, then as early as twelve months from the date the 13 petition was filed, and at least 12 payments have been made to the plan. In the case of a discharged 13, all payments to the plan will have to show as having been paid and then you would be eligible without further delay. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 3rd 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

Was this a chapter 7 or chapter 13?

Mar 2nd 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

A lease with option to purchase may be available to you right now.

Mar 2nd 2013
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

It seems like you are doing a good job of rebuilding your credit. Remember, don't max out your credit cards and don't apply for too much credit - about two or three cards that you use regularly and pay off each month will go a long way to increase your credit score. I have seen scores over 700 a year after a BK with moderate and consistent use of credit.Based on a credit score of 660 you would qualify to purchase with an FHA loan. However, FHA requires 2 years from the discharge date on a Chapter 7 before you can qualify - one year with extenuating circumstances such as serious illness or death of a wage earner. FHA does not consider divorce, job transfer and inability to sell the home, or job loss as an extenuating circumstance.For a conventional loan, the waiting period after a Chapter 7 discharge is 4 years. Your best bet is to contact one of the Lender 411 mortgage professional in your area. They will give you good advice and help you plan for the time when you can qualify. Good Luck.

Mar 2nd 2013
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It was a chapter 7

Mar 2nd 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

OK, a chapter 7 requires a wait period of 2 years from discharge to qualify for a FHA mortgage. Your score in the mid 600s is good and should get better over the next year. If you are paying rent make sure it can be verified as this will be important when you apply for your mortgage. If you are paying a private party make sure it is by check or money order as canceled checks or money order receipts for 12 months will be required. A secured credit card or two would also be a good idea as most lenders will want to see a couple of active lines of credit with a 12 month history. I don't lend in NJ so I recommend finding an experienced local loan officer from this forum who can help you.

Mar 2nd 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

Rent to own would be a great option for you. Email me for more info. PBotros@OmegaLoans.net

Mar 2nd 2013
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Raymond Denton (Raymond)
#12 ranked lender in Ohio - 224 contributions

Two years from the discharge date.

Mar 3rd 2013
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Simon Nwoke (SimonNwoke)
#71 ranked lender in Georgia - 37 contributions

If your bankruptcy was chapter 13, you can buy now through FHA. If it was chapter7, you have to wait till Jan 2014 to get FHA loan.Thanks

Mar 3rd 2013
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Tyler Whyburn (OklahomaMortgage)
#21 ranked lender in Oklahoma - 24 contributions

You will need to wait 2 years from the date of the discharge before you will be able to get an FHA loan, longer for Conventional.

Mar 3rd 2013
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