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If someone has a bankruptcy can they get a home loan?

by yang40_516_534 from Potomac, Maryland. May 30th 2013 Reply


Michael Mandis (MarylandMortgages)
#26 ranked lender in Maryland - 14 contributions

Sure, but it depends on a number of factors: Chap 7 or 13?, when was the discharge date, and how the credit has been managed since the BK.

May 30th 2013
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Tim Howard (TimHoward)
#75 ranked lender in Ohio - 52 contributions

Yes. For a Chapter 7 there is 2 year waiting period from the time it was discharged on FHA loans and a minimum of 4 years for Conventional. You can typically apply right after your Chapter 13 discharges but there are some stipulations like proof of satisfactory payments. Keep in mind you have to rebuild your credit prior to getting a new mortgage. Also, late payments after the BK of any kind on your credit will likely keep you from getting approved, especially late mortgage payments. These are basic guidelines, overall it isn't easy as BK's and Foreclosures are the worst kind of derogatory credit you can have. It can all depend on the nature of the BK though, if the reasons for filing are extremely compelling you shouldn't have too many issues. Find a good local banker or broker on this forum for more specifics. Good luck!

May 30th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,457 contributions

Sure... Assuming everything else now looks OK (credit scores, debt ratio, etc), and that the person has met the minimum waiting period after a bankruptcy for the loan they are attempting to get. Generally speaking, this is at least two years.

May 30th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Yes, after 2 to 3 years of re-established credit.

May 30th 2013
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Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

Depending on whether it was a Ch7 or Ch13 would dictate the amount of time that needs to have passed to qualify with a BK on credit. Was the Bankruptcy a CH7 or CH13?

May 30th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

As the others have noted - there is a wait time, and your credit during that time needs to be building back up. The one form of loan no one has mentioned is the VA loan, which has 2 year from discharge for both the Chapter 7 & 13 forms of bankruptcy.

May 30th 2013
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Roland Williams (RolandWilliams)
#813 ranked lender in California - 8 contributions

Sure you can. it depends on the type of loan and what your trying to accomplish. UId love to explain more contact me @ 949.400.4478 or roland@secureonecapital.com

May 30th 2013
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

Yes, absolutely.

Jun 1st 2013
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Calvanaugh Hoskins (HardMoneyCal)
#72 ranked lender in Maryland - 12 contributions

Yes you can get a home loan. You have to wait 2 years for FHA financing, however there is some private financing available that requires you to have been discharged 1 day for a Chapter 7. Call me at 561 859 7363 for details.

Jun 3rd 2013
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