Mortgage after Chapter 7

It is true that FHA does have language in their guidelines that allow for the penalty period to be reduced to 12 months for extenuating circumstances. Sadly, I have never seen anyone with circumstances that were extenuating enough to warrant an approval until after the two-year mark, including a widow with 3 small children that had to file for BK after her husband, the sole breadwinner, was killed in an auto accident. There are programs out there for folks with a BK as recently as yesterday to be able to obtain financing to buy a home. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Technically FHA does allow the possibility of financing with extenuating circumstances after just one year. I've been lending over two decades. The reality is that very few things you thing are extenuating work. About the only thing that really does work is major medical, or death of the primary breadwinner. There are potential non-conforming loans that allow for you to have a Chapter 7 just one year old. Expect big down payment requirements, and a higher interest rate. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132

There is a Non Qualified Mortgage I am thinking of that could be helpful. Feel free to call/text 216-496-0211.