Posted on: 02nd Mar, 2011 10:24 am
I did a ch7 bankruptcy that was discharged in july 2010. I was wondering if there is any type of loan I could get in Indiana to buy a house. We are looking at a house around 60,000. I have gotten an auto loan and credit card. My credit keeps going up now. I also can have a down payment.
welcome bradb,
after a chapter 7 bankruptcy discharge, you won't be able to get a loan immediately though you have a down payment. you'll have to wait for 2 years to get a fha loan and 4 years to get a conventional loan after chapter 7 bankruptcy discharge.
after a chapter 7 bankruptcy discharge, you won't be able to get a loan immediately though you have a down payment. you'll have to wait for 2 years to get a fha loan and 4 years to get a conventional loan after chapter 7 bankruptcy discharge.
What is the difference between the fha and the conventional?
FHA is a government sponsored loan whereas conventional loans are given by local banks and finance institutions.