Posted on: 16th Jul, 2011 05:06 pm
We had a bankruptcy (Ch 7) that closed in early 2010, which included 2 foreclosures (non-primary residences that we gave back to banks during bankruptcy-husband was homebuilder). The final one of those was also completed early 2010. we are looking to buy a home in July 2012 for $250,000 with $50,000 down. Income is $100K year gross, and my credit score is currently 750. Will I have an issue getting approved for a mortgage loan?
Hi tlmsunshine,
After chapter 7 bankruptcy filing, you need to wait for 2 years to get a FHA loan and 4 year to qualify for a conventional loan. Unless 4 years have passed, none of the lenders will be ready to give you a conventional loan.
Thanks
After chapter 7 bankruptcy filing, you need to wait for 2 years to get a FHA loan and 4 year to qualify for a conventional loan. Unless 4 years have passed, none of the lenders will be ready to give you a conventional loan.
Thanks
So your income and credit scores are not a factor, just the amount of time? Also, is that timeframe from the filing date or discharge/closing date? Also, what about the foreclosures, since they were included in the bankruptcy, are they not a factor, just the bankruptcy?