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I just recently filed bankruptcy and it was discharged my house was in with it. I am renting now and want to but another house in the state that I moved to. What should I do. I have a good paying job and a 401k can I get financing and where do I look for help.

by tdgsd457 from Vernon, Alabama. Mar 12th 2018 Reply

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

More info needed, but in general, All major derogatory events have mandatory waiting periods.. FHA has the "Back to work" program,,, after 12 months, you can purchase again, but the guidelines are very strict.. few that apply actually get approved.. In addition, your credit scores must have improved into the acceptable range.. (highly unlikely if you are 12 months out of a BK).. Otherwise, FHA requires a 3 year waiting period.. For conventional, it depends on what the status was on your home before you filed. .if you were in foreclosure, and then you filed BK, then guidelines make you wait 7 years.. if you were not in foreclosure, and filed, then the waiting period is 4 years.. For VA (must have VA benefits available to you).. you have to wait 2 years, but most lenders will make you wait 3.. There are some private money sources where you can buy one day out of a BK or foreclosure. but the down payment requirements will be high.. 25% or more.. and the rate will be high as well,,, 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 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 12th 2018
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