If i lost my home due to bankruptcy. How long do i need to wait before I can qualify for another home loan?

If you had a Foreclosure included in your Bankruptcy then you have different waiting periods depending on the loan program you next want to take. If you have served in the Military then a VA loan requires only a 2 year waiting period. Fha requires 3 years from the date the property is re-sold by the bank, and Conventional loans require 4 years if the property was included in the BK. USDA loans require 3 years from the date of sale of the property by the bank. I hope this helps. Good luck. Call me if you have questions. Scott Kinne - VP (NMLS # 182351) First Heritage Mortgage 703-293-6146

I might also add, there are some loan programs available which do not require ANY waiting time in order to obtain financing for a new home purchase, but those programs typically require a little larger down payment and higher interest rates. Hope this helps.

More info needed, specifically, which loan product and price range will you be looking in.. All the conforming loan programs have different mandatory waiting periods and different allowable maximum loan amounts. But for "Conforming" loan products, the shortest is 1 year. This is FHA's Back to Work program. The guidelines are very strict, but if you meet them, there is a loan, however keep in mind that your credit scores would need to be in the acceptable range for the lender.. so even though you meet the FHA requirements, you might not have a high enough credit score after 1 year. The longest waiting period is Conventional,, it's 7 years. For "non-conforming" (oftentimes called "hard money", or portfolio).. you can buy 1 day out of a BK or foreclosure.. however, the minimum down payment on these programs are typically 20% or more and the rates and fee's are much higher as well.. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893