how does closed chap 7 bk affect getting a mortgage

Fha has a waiting period of 2 years from the discharge date of your bk before you can apply for a new mortgage. If you had a BK and there was a home included, then FHA has a waiting period of 3 years from the time the home was transferred out of your name.. The fact that your home was included in the BK means nothing.. The waiting period begins when the home is no longer in your name.. if your BK was dismissed or discharged, then you still have to wait 3 years since there was a home involved in your insolvency.. 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

All new home loan program deal with a bankruptcy differently, but basically you have a waiting period after the bankruptcy before lenders will lend to you. Generally speaking, most people need to wait a minimum of two years after the discharge date. Contact a local licensed Loan Officer (not a bank), give them a full application, and let them determine if in your situation, when, and what type of financing you'll be able to obtain.

Depending on how your mortage debt was treated in your BK. You Can get a mortgage 24 months from the date of discharge but only in very rare instances. 95% of the time it would be 36 months from the date of discharge.

It makes it harder. Every investor has a waiting or penalty period you must sit through before you become eligible. For FHA it is 2 years from the date of discharge. Most conventional lenders require longer, ranging from 3 years to 7 years, depending on their own particular requirements. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

You will need to wait 3 years from the date of discharge before getting a new mortgage.