Posted on: 07th Dec, 2009 10:44 pm
Can anyone tell me if the 4 year rule for waiting to get a conventional loan after Ch 7 a set in stone issue, or just a recommendation for getting a favorable rate? What is someone has a large down payment (15-20%), can they apply for conventional loan prior to the four year mark?
Thanks
Thanks
Hi greg,
Though you've a large down payment, yet you'll have to wait for 4 years to get a conventional mortgage after chapter 7 bankruptcy. However, you can get an FHA loan after 2 years of the discharge of bankruptcy.
Take care.
Though you've a large down payment, yet you'll have to wait for 4 years to get a conventional mortgage after chapter 7 bankruptcy. However, you can get an FHA loan after 2 years of the discharge of bankruptcy.
Take care.