How difficult is it to get approved to buy a home after having to file bankruptcy?

As long as you have re-established credit and have not had bad credit since the bankruptcy you should be able to qualify. Buying a home from a relative has issues some lenders will not do them at all. We have several we can use. If you are buying below market value the difference between the fair market value and the purchase price is considered a gift. If you have more questions feel free to call 785-273-5004 or email kdwall@kdwallstreet.com

It really depends on how much time has passed since your BK... For FHA it's 2 years.. You must have re established satisfactory credit and have sufficient income.. If your purchasing from a family member, there are other guidelines that apply as well.. if you want to know for sure, then contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

For FHA, it is 2 years from the date the chapter 7 was discharged, but a hick-up is that for a purchase from a family member, FHA will only finance 85% of the purchase price (or appraised value, if lower). You will need to have re-established credit since the discharge and have cleaned up any items still reporting bad on your credit report. Contact a local Mortgage Banker/Broker, rather than one of the big banks or 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 ~ www.LoansA2z.com ~ 888-889-9950

You have gotten a lot of great answers here!

FHA it's 2 years.. You must have re established satisfactory credit

Holidaye,As others have pointed out, the short answer is the minimum wait time after a bankruptcy is two years and there are other factors to consider. As a local loan officer, I would be glad to sit down with you and your husband to take a look at your unique situation to determine a path forward. We will help you figure out a plan to make your dream of homeownership a reality! Give me a call (316-259-5862) or shoot me an email (mpurkey@primeres.com) and we will get the ball rolling. Have a great day, Mike Purkey

We provide loans to people in need of financial assistance. Apply for a personal loan at a low interest rate, with no credit check. e-mail us now for your financial solution. e-mail: mayfundsinc@live.com