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Is it possible to get a mortgage after a bankruptcy?

My bankruptcy was only 1 and 1/2 years ago... Is there any way I can still qualify to get a mortgage loan? by mommytimes4eva811 from Crane, Texas. Jan 17th 2017 Reply


Cody Velkovich (Cody_NRL)
#167 ranked lender in Texas - 87 contributions

There is a program through the FHA that will allow you to qualify after only one year from your discharge date, but it requires a loss of income of a certain percentage for a certain amount of time and can be quite tough to qualify for. Otherwise, you would be eligible once you've reached two years from your discharge date.

Jan 17th 2017
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Jim Schaefer (jschaefer@goldstarfinancial.com)
#63 ranked lender in Minnesota - 13 contributions

We have a program that allows for financing 1 day out of bankruptcy, with certain down payment requirements. Check out my contact info at Jim Schaefer mortgage dot com for more info!

Jan 17th 2017
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John Burke (jburke)
#1 ranked lender in Texas - 183 contributions

Hi Mommytimes4eva811,It depends on the chapter you filed, whether or not you included a mortgage & potentially the reason why you filed. For example: If you filed a chapter 13, you may be eligible right now for an FHA or VA mortgage but if you filed a chapter 7 you would have to wait until the bk has been discharged for 2 years. The 2 year wait can be reduced to one year if you qualify for an exception based on extenuating circumstances. For example: If the BK was caused by the death of primary wage earner or major medical problems. | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Jan 18th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Yes and NO.. For all conforming loan products, they all have mandatory waiting periods.. FHA says if you are 1 year out of a BK, and you can prove you had a 20% reduction in income which caused the BK, then the "Back to Work" program might work, but understand the guidelines are very strict and few that apply actually get approved.. otherwise, you are looking at a 3 year waiting period for most all other "Conforming" loan programs.. there are some "Portfolio" or "Private Money" (AKA hard money) loans available.. but the rates, down payment requirements and terms are very ugly.. It's usually best you just wait it out until you meet the mandatory waiting periods for conforming loan financing.. WilliamAcres.com Arizona/California NMLS # 226347 480-287-5714

Jan 18th 2017
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Mike and Jill Kohler (LenderMike)
#32 ranked lender in Pennsylvania - 56 contributions

There is much more information needed to answer your question. What kind of bankruptcy was is? Also what your current credit scores are, if you have enough income, etc. Most of the lenders I deal with you need to be out of bankrupty for a minimum of 2 years (the discharge date).

Jan 22nd 2017
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