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Buying a home after bankruptcy

Posted on: 22nd Apr, 2011 08:25 am
I filed Chapt 7 bankruptcy, which was discharged in January 2010, on credit card debt. I did not file bankruptcy on my mortgage and have never missed a mortgage payment. I went through a consumer credit counseling service to apply for the Making Home Affordable Program in March 2010 but my lender (PNC Mortgage) denied saying "You have never missed a payment on your mortgage; therefore, we cannot entertain your request." I want to sell my home at this time because the mortgage payments are high and difficult for me to make due to limited income. I want to purchase a smaller, more affordable home. How long do I have to wait until I can purchase another home? My credit was excellent prior to bankruptcy and I have maintained good credit since. Thank you.
hi kblinn,

after a chapter 7 bankruptcy filing, you need to wait for 2 years to qualify for a fha loan and 4 years to qualify for a conventional loan. this is irrespective of the fact whether or not you've a good credit score.

thanks
Posted on: 22nd Apr, 2011 08:13 pm
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