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my bankruptcy is 2 years, have been on time with everything, most banks make you wait 4 years. Who do I go to for the 2 year rule.

by judipeach258 from Hollywood, Florida. Aug 29th 2016 Reply


Michael Bardy (LendingPro)
#25 ranked lender in Ohio - 72 contributions

Hello Judie,While most banks do make you wait 4 years I have several options to review with you. 2 years following the discharge of your bankruptcy you can qualify for a FHA home purchase mortgage which would require only 3.5% of the purchase price as a down payment. This money can come from your own funds or can be a gift form a relative.Please give me a call at 884-563-5363 so we can review this in greater detail.Michael T. BardyPrincipal Broker #234079

Aug 29th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,409 contributions

More info needed, did you file a CH 13, or CH 7.. If you did a 13 and, you have 12 or more on time payments then you can apply now.. If you did a CH7, then it's possible you can buy now, but we would need much more info.. There's an FHA program that allows you to purchase after 12 months post 13 or 7, but the guidelines are very strict and few that apply actually get approved,.. again, details!! For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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 NMLS# 226347

Aug 29th 2016
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

You can obtain an FHA loan 2 years after a Chapter 7 or 13 discharge. Just make sure your credit looks very good after the discharge.

Aug 30th 2016
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Wesley Bal (Wesley)
#170 ranked lender in Florida - 3 contributions

Hi Judie, For a BK 7, You can go FHA financing on a primary purchase after two years. If you or spouse are veterans, also two years. USDA is three years and Conventional financing is four years.Call me when I can help. I'm in Orlando, FL. Mobile: 407-694-9803Wesley Bal NMLS #333551 EquitiFirst Mortgage NMLS# 392376

Aug 30th 2016
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

Whenever you have a major negative credit event (foreclosure, bankruptcy, etc), there is a mandatory waiting period before you can get a new home loan. The waiting period is based on the negative event, and the new type of loan you are applying for. I have a good list on my web site at: http://joemetzler.com/waiting-period-after-foreclosure-short-sale-or-bankruptcy.htm

Aug 30th 2016
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