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my bankruptcy was discharged in july 2012 is it to soon to apply for a mortgage?

by cnicho_412_314 from , . Jan 15th 2013 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

They are the only way to go after the 2 years, unless you want to go hard money, and that will cost you big time. It is good you have two new accounts, to be safe you may want to have a third account as well.

Jan 15th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

For Chapter 7 BK it's 2 years for FHA, and 4 years for conventional.. That's assuming there was no mortgage involved with the BK.. if there was, then the waiting period is 3 years from the date the property transferred out of your name.. not the date your BK discharged, and not the date you vacated the property or informed the lender you no longer lived in the property, but the date the deed was taken out of your name.. These guidelines are not flexible.. All mortgages are sold on the open market, and in order for them to be sold, they have to conform to a strict set of rules.. Mandatory waiting periods for BK's and Foreclosures are one of them, and they are the guidelines that are the most strictly enforced.. 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. 480-287-5714 WilliamAcres.com

Jan 15th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Following a bankruptcy, FHA requires a two year waiting or penalty period before insuring a new loan. Many lenders tell you that you have to wait the full two years BEFORE you can apply. That's their rule. Here at NOVA, we can get everything done early so that you can close escrow on the first day you are eligible. Connect with me and I'll help you get going now. This will allow time to fix any credit issues, etc. and get you ready, NOW. I'd love to see you be able to close in July. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jan 15th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Yes the earliest you can apply is 2 years after your discharge date. That will be for an FHA mortgage. It is important to rebuild your credit and have absolutely no lates reported on your credit between now and then.

Jan 15th 2013
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Matt Pollina (matt@smartmtgs.net)
#59 ranked lender in Illinois - 40 contributions

For Conventional- 4 years from discharge of Ch. 7 and 2 years for Ch. 13. For FHA- 2 years.

Jan 15th 2013
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I have been restoring my credit with 2 on time loans. Since April 2012 Are there any mortgage lenders that will give me another chance besides using FHA or are they the best way to go?

Jan 15th 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

what state are you in? i have private investor money which is less than hard money email me at yourloanpartnerforilfe@live.com

Jan 15th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Afternoon. I'd be happy to send you the information you need directly to verify the waiting periods that are posted for FHA as well as Fannie Mae. If you want to contact me directly through this site, that would be fine. The information here is not complete and I wanted to email you the balance of the information so you can keep it on file. If I can be of help, please let me know. Good Luck!

Jan 15th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Depends on the type of loan you will be apllying for. You will need to be discharged for AT LEAST two years.

Jan 15th 2013
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