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What are the stipulations on loans after bankruptcy?

It's been about two years since my house was foreclosed on and bankruptcy was discharged earlier this year. I have a solid income and can put a sizable down payment on a house. What are the rules with my scenario? by jimcal_396_465 from Safford, Arizona. Oct 31st 2011 Reply


Aaron Clowes (AC4Mortgage)
#536 ranked lender in California - 5 contributions

48 months from discharge date for Fannie/Freddie, 24 months for FHA deals, and 2 years for VA.

Oct 31st 2011
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Eric Willis (ewillis)
#16 ranked lender in Idaho - 1 contribution

Jim - It ALL depends on what kind of bankruptcy you filed. It also depends on when the foreclosure was completed. There are guidelines that we as lenders follow and there are also "extenuating circumstances" that allow us to lessen the "years from discharge and foreclosure." Feel free to email me your scenario with exact dates and I can tell you what programs you would qualify for. My email is ewillis@evergreenhomeloans.com .

Nov 1st 2011
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

In general, most investors are going to be looking at the date the foreclosure deed was recorded and you are looking at 3 years from that date, but there can be exceptions based on the circumstances. I am an Arizona Lender. Please contact me at 480-889-9000 (or 888-889-9950) so I can go over your particular situation with you.

Nov 1st 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,658 contributions

Not enough information Jim.. Chapter 13 or 7?? What was the date the home transferred out of your name?, What type of income do you have, Commissions, hourly, salary, self employed, etc... Best advise I can give you is to contact a local mortgage broker like my self, and let's sit down and go over your particular scenario. If you cant qualify now, we can show you how to qualify in the near future... WilliamAcres.com... Scottsdale AZ

Nov 1st 2011
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Stephen Harris (stephen.harris)
#38 ranked lender in Ohio - 37 contributions

You are a few years away from getting financing for a new home. Look at getting into a land contract and reestablishing your credit.

Nov 1st 2011
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