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just got discharged last month form bankruptcy , would I still be able to get a home loan to buy a house

by ssvj4345174 from Metuchen, New Jersey. Feb 12th 2015 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

No.. all conforming loan products have mandatory waiting periods.. and if there was a home included in the BK it could extend your waiting period even longer.. also, you would need to meet the minimum acceptable credit scores guidelines, and with a fresh BK, it's unlikely your score would be high enough.. FHA can be 1 to 2 years, VA (must be eligible for VA benefits) is 1 to 2 years, USDA is 1 to 2 years, and Conventional is 4 years.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 12th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

Minimum wait is two years as long as you don't have any lates ever after your discharge and you rebuild your credit, if you want an FHA loan. If you have a substantial down payment you may find a lender willing to lend to you prior than 2 years. For the FHA loan you would need a minimum middle credit score of 550 to get 90% loan to value with us and with a 580 middle score you could get 96.5% financing. If you have more questions give me a call and I'd be happy to help. my direct # is 800-991-5309 Good Luck!Michelle

Feb 12th 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

You will need to wait 1 to 3 years.

Feb 12th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Only if you go with a Non-QM loan. I don't lend in New Jersey, but we do have a program that allows for 1 day out of BK with a 580 credit score. However, it requires a 25% down payment and the rates and fees are very high. Not a great loan what-so-ever! Basically just fills a very specific need that most don't fit or don't want to fit. In my opinion it is best to wait two-years, re-establish your credit and get a better loan with less down. Best wishes, Sean

Feb 12th 2015
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Chris Neuswanger (mtnmortgageguy)
#94 ranked lender in Colorado - 84 contributions

Generally not, you might talk to a local credit union or a regional bank that might be able to keep the loan in their portfolio. They will need a pretty good reason you went BK and you will need to show them you are back on your feet. They will also likely want a larger down payment, probably 20%. If there are genuine extenuating circumstances such as a medical BK or job loss you might qualify for a FHA loan 12-mo after the BK but would have to have an acceptable credit score, usually 620.

Feb 13th 2015
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