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bankruptcy down payment

Does making a bigger down payment affect the waiting period after going through a bankruptcy? In other words, if I make a big down payment on a new mortgage loan, can I get around the 4 year waiting period? by RJones_164_771 from Shelton, Connecticut. Sep 6th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You Have a few options. One is to get an FHA mortgage(BK waiting period is 2 years), get a conventional loan(many lender waiting periods set for 3 years) or go to a portfolio or hard money lender with 35%-45% down payment. Email me at info@omegaloans.net for more info.

Sep 6th 2012
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

NO... the amount of your down payment will not affect your waiting period.

Sep 6th 2012
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Steven Karp (stevek81)
#9 ranked lender in Rhode Island - 151 contributions

well, not really, we have a few lenders who will do a 3 year wait, and FHA will allow after a 2 year wait.....down payment really will not matter...feel free to email direct if wish to discuss further, but you probably can do something if it has been 3 years....skarp@emeryfs.com

Sep 6th 2012
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Bro Nam (bro1234@gmail.com)
#28 ranked lender in Missouri - 16 contributions

noBK Chapter 7 or 11 = 4 years from discharge date (conventional) 2 year from discharge date (VA) 2 years from discharge date (FHA)BK Chapeter 13 = 2 years from discharge date 4 years from dismissal date (Conventional) 1 day from discharge date (VA) 1 Year from dishcarge date (FHA)Happy Hunting

Sep 6th 2012
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John Schlobohm (jschlobohm)
#20 ranked lender in Connecticut - 18 contributions

Down payment and waiting period have no bearing. The waiting period is product/investor specific. No expections. Once you have satisfied the waiting period the large down payment will be an underwriting compensating factor. John Schlobohm Mortgage Planning Specialist 914-433-4646 jschlobohm@luxuurymortgage.com

Sep 7th 2012
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