Posted on: 03rd Feb, 2011 11:06 am
we are looking to buy our 1st home and our chapter 7 bankruptcy was discharged about 14 months ago. our credit score is around 700 and we would have 20% down. does the approval of a mortgage go off of your credit score or the actual amount of time passed. im a little confused because some posts are stating there is no actual amount of time by law but than many are saying 2 or 4 years. do we have any chance of getting a mortgage
Hi Joann,
As you filed Chapter 7, you'll have to wait for 2 years to get a FHA loan and 4 years to get a conventional loan.
Thanks
As you filed Chapter 7, you'll have to wait for 2 years to get a FHA loan and 4 years to get a conventional loan.
Thanks