Just came out of BK, how do I buy a house?

Hello, there are programs available depending on the type of bankruptcy you were in. If you were in a chapter 7 bankruptcy and it was recently discharged then there is a program that you can get into that will allow you to put as little as 15% down depending on your credit score. If it was a chapter 7 and it was discharged over 2 years ago, which I know doesn't apply in this case, then you could qualify for an FHA loan with as little as 3.5% down payment. If you were in a chapter 13 and you completed it or were paying it for at least a year then you can get an FHA loan with as little as 3.5% down payment. So there may be some options for you. If you have any other questions or would like help with this you are welcome to contact me at: gpomeroy@boemortgage.com.

There are several programs, however, the devil is in the details and I would advise you to contact a mortgage professional / planner so that you can wisely select a mortgage that not only gets you into a home quickly, but intelligently - so that you have plan of action for AFTER you buy the home. The loans afforded to you coming out of a BK can cost a little more in terms of the overall cost - FHA loans have upfront mortgage premium fees as well as monthly mortgage insurance payments that you CAN NEVER get rid of on an FHA loan of 30 years no matter how much you pay down the loan.We have several loan options, but clearly, we would want to know more about you and what your goals are to make sure that we offer you a mortgage plan that helps you meet those goals.Hope that makes sense.Feel free to call or email me for more information. steven.jackson@Northpointe.comI lend in all 50 states and have 25 years experience in mortgage lending.Thanks,Steve

All you standard traditional loans have mandatory minimum waiting periods after a major negative credit event like a bankruptcy or foreclosure. Then there is sometimes a difference if it is a Chapter 7 or a Chapter 13. Finally, there are potentially programs where if your bankruptcy is just one day out, you can get financing. These last options generally require a huge down payment and interest rates twice the traditional loan rates. My best advice is get off the internet, and contact a local mortgage broker in your area. Give them all your information, and they can zero in on what programs and options are available specifically to you. For this situation in MN< WI, or SD, visit me at www.JoeMetzler.com