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I filed chapter 7 bankruptcy in 2018...

how long does my BK have to be discharged before I can get approved for a mortgage loan? by natepuri520 from Ontario, Oregon. May 6th 2019 Reply

Randy Free (
#19 ranked lender in Oregon - 54 contributions

Chapter 7 bankruptcy: Conventional loan = 4 years (2 with extenuating circumstance), 3.5% down payment FHA loan = 2 years (1 with extenuating circumstance), 0% down payment USDA Rural loan = 3 years, and we have a non-conforming loan at 1 year. There is no cost or obligation to explore your loan options me. Please give me a call. Randy Free - Mortgage Advisor - Opes Advisors, A Division of Flagstar Bank NMLS 283930 Eugene, Oregon - Direct Phone 541-984-5428

May 6th 2019
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed,, but the short answer is you can apply now.. however, the best loan program would be a conventional loan assuming your credit scores have risen substantially,but you need to wait 4 years form the discharge date, and you would need to meet all other eligibility requirements.. For the lenders that allow you to apply immediately after a bk, expect very large down payments ... typically 30% to 40% or more.. and expect much higher than market rates.. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

May 7th 2019
Mel Baker (
#1338 ranked lender in California - 21 contributions

You do have a few options depending on the loan amount, loan to value, credit score and income. They are many new non-bank programs available that may work for you.If I were you I would call n independent mortgage broker and not a bank to discuss options.

May 24th 2019
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