I have recently gone through a chapter 7 bankruptcy. I have a good job that pays me $80,000 per year plus bonuses. What are my chances of getiing a decent mrtage rate?

The other lenders are correct you must be at least 2 years from the date of your discharge to be eliglible for a home loan. keep in mind if you lost any property in the BK then you would have to wait a minimum of 3 years becasue that would technically qualify as a foreclosure unless you re-affirmed the debt and still own the home. Other thing to keep in mind is that it is vital to restore your credit while waiting the 2 years. My suggestion is if you do not have any credit cards and have not been pre-approved for any, then you should look into a pre-paid credit card with 5/3 bank and or capital one. The rates will be ugly but you just have to use them in small increments to re-establish your ability to pay on debt. If you do that for 24 months and do not have any more late payments or derogatory items then you should be able to re-establish your credit and be ready to go when your applicable for a new home loan!

Hello. I will disagree a bit with the other posts. FHA does allow for Chapter 7 bankruptcy discharged less than 2 years with EXTENUATING circumstances. Usually, the situation causing the bankruptcy must be deemed a 1 time occurrence beyond the borrower's control AND you cannot have had a mortgage involved in the bankruptcy at all. If you have re-established 3 or 4 accounts and your middle credit score is over 640, you have a chance of getting a loan. You just need to find the right underwriter/lender. Please remember, if you like this response, give it a 'thumbs up' below the post.Patrick McCarthy, ^14-395-2393

To be approved for a mortgage of any kind, you'd have to be at least 2 years out of BK-7. At that point, FHA would be your best option. If you are less than 2 years out of BK, there are no mortgage programs out there anymore, unfortunately. If you have any follow-up questions, feel free to ask. Thanks, and good luck!Derrick

You need to let me know how many years you have been out of BK. Based on that I will tell you if you can even get financing right now. For example, FHA only allows you to purchase a home after being out of a CHAPT 7 for 3 years. Conv Financing takes 5 years out of a chapt 7 in order to get approved for a mortgage. Your rate would be good regardless with us. The question is not about the rate, rather, how long ago was your BK?