Chapter 13 Bankruptcy Discharged - Obtaining a mortgage

Don't wait. You should be eligible for a new FHA loan now, but FHA is changing the way they calculate FHA Mortgage insurance premium and it is going to get more expensive. If you wait until December, the FHA loan will have Mortgage Insurance for the life of the loan, instead of having it cancelling when you get 20% equity. Instead, meet with a local Mortgage Banker/Broker to see how much you qualify for now. Always work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

The answer depends on the type of bankruptcy you had, (chapter 7 or 13) and the type of mortgage you are applying for (FHA, Conventional, VA, etc.)FHA Home Loan After Chapter 7 Bankruptcy: 2 years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred. Less than 2 years, but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and the borrower had since exhibited a documented ability to mange financial affairs in a responsible manner.FHA Home Loan After Chapter 13 Bankruptcy: 1 year payout period from when bankruptcy filed and the borrower's payment performance has been satisfactory. All required payments made on time.Conventional (Fannie/Freddie) Home Loan After Chapter 7 Bankruptcy: 4 years from date of discharge. Or 2 years from discharge date may be possible with acceptable circumstances.Conventional (Fannie/Freddie) Home Loan After Chapter 13 Bankruptcy: 2 years from date of discharge. Or 4 years from dismissal date.Hope this helps!