My husband has filed a Ch7 bankruptcy(3 more years to clear), but both of us have good credit scores(over 720s;he has re-established credit pretty well since then) and our annual income is about 160k. How is possible we can get a mortgage/loan to buy a house this year? Thanks for any input! by razar20 from Seattle, Washington. Jun 21st 2011
Great question: As long as you are seasoned 2 years from the discharge date and you have made an attempt to re-establish credit-which it sounds like you have then you would be applicable for an FHA loan. If you had any forelcosures enveloped in the BK then it would be 3 years from the date of discharge. If you are wanting to obtain VA or conventional financing then it would also be 3 years from the discharge date. Either way it looks like you should be ready to obtain a new loan. Get with a local loan officer you trust and let them tell you what programs you qualify for base on your overall credentials. GOOD LUCK!
Hi Razar, your bankruptcy only needs to be 3 years from the discharge date. Sounds like it would be easy for you to get an FHA loan with my Bank. Our current FHA 30 year fixed is at 4.25%.
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