Posted on: 27th Jan, 2011 09:41 pm
We succomed to a Chapter 7 in 2010 and a forclosure is in the process. With 13 years of good credit other than debt to income (which was our demise)....how long do we have to wait before we can buy a home?
Hi Van,
After Chapter 7 discharge, you'll have to wait for 2 years to get a FHA loan and 4 years to get a conventional loan. Before this time period, lenders won't be ready to give you a mortgage.
Thanks
After Chapter 7 discharge, you'll have to wait for 2 years to get a FHA loan and 4 years to get a conventional loan. Before this time period, lenders won't be ready to give you a mortgage.
Thanks
What if the foreclosure is in process currently? Wouldn't that take even more than 4 years. It's is 4 years after the bk but the foreclosure hasn't even happened yet.
Once the foreclosure is finalized and you are in active bankruptcy it will take after the discharge of that bk between 2 to 4 years before you can look at buying another property. There are a lot of changes coming for how Americans get mortgages and it will not be pretty. More and more Americans will not qualify for home loans, as the government get's less involved with backing mortgages that default, means less homeowners will qualify. Live for the moment and plan for the future.