Posted on: 12th Aug, 2008 12:03 pm
[color=darkblue:c7be0bdd84]hello all, my chapter 7 bankruptcy was discharged a little more than a year ago and iam wanting to purchase a home in the near future. i understand that fha looks at the reasons for filing and im trying to figure out if i have a leg to stand on....i was going through a divorce and my ex filed chapter 7 to avoid responsibility for a home we owned that was up for sale. therefore, the entire payment etc would fall back on me. also, does it help that i have someone with good credit getting the new home loan with me? any input would be greatly appreciated!!!!!!!!!!!!!![/color:c7be0bdd84]
Welcome to the forum nicholas!
I have also filed for a chp 7 bankruptcy many years ago and if I remember correctly most lenders wanted the bankruptcy to be discharged for atleast 2 years before they were willing to qualify us for a mortgage. With your partner having good credit that may make things different though.
I have also filed for a chp 7 bankruptcy many years ago and if I remember correctly most lenders wanted the bankruptcy to be discharged for atleast 2 years before they were willing to qualify us for a mortgage. With your partner having good credit that may make things different though.
In general the previous poster is correct that 2 years is required out of bankruptcy with no major derogatory.
an FHA manual underwriter may be able to accept it assuming you have re-established credit and that you have a really solid letter of explanation for the BK along with proof to back up the story.
I believe that as long as you are on the loan you will have this problem regardless of your partner's credit.
an FHA manual underwriter may be able to accept it assuming you have re-established credit and that you have a really solid letter of explanation for the BK along with proof to back up the story.
I believe that as long as you are on the loan you will have this problem regardless of your partner's credit.
i am in agreement that 2 years is the standard time to be out of bankruptcy. as chris noted, a manual underwriter may allow for some flexibility; but this is a different market these days, so i wouldn't want to count on that.
chris' last sentence makes a great deal of sense. the bankruptcy will continue to be problematic until next year.
chris' last sentence makes a great deal of sense. the bankruptcy will continue to be problematic until next year.
Thank you all for your info...it was very helpful...not necessarily what I wanted to hear but helpful none the less.
