How long til we can get a mortgage to buy a house after bankruptcy Chapter 7

Hi, so far it sounds like the foreclosure date will trump your bankruptcy date. Email or call me if you want to discuss in more detail, unfortunately you are not the first person I have dealt with in this situation. Greg

For FHA, it is 3 years after the foreclosure is complete (meaning the original loan has been paid off, not the date of the final judgment).

Hello, How are you? I am a longtime resident of Rockford. Typically you will have to wait 3 years from the date of discharge unless you are a Veteran ( VA Loan) then you can qualify after 2 years. Also there are certain circumstances that allow you to qualify 1 year after date of discharge if you qualify for the FHA ( Back to work Program) Give me a call to discuss. (616) 318-0385. Have a great day!!!

The 3 year clock begins upon the transfer of title on your previous residence. If the Sheriff's Sale was in March 2013 and the redemption period was 6 months after that, you start counting the 3 year waiting period from September 2013. FHA and VA will allow financing after the 3 year waiting period. Conventional financing requires a 7 year waiting period. Extenuating circumstances will allow for shortened waiting periods - these typically only include loss of income due to terminal illness or death of a spouse.

The foreclosure mandatory waiting period would apply, so 3 years from March 2013.. the only acception would be FHA's "Back to Work" program.. the main guidelines are regarding income reduction, re established credit, and not taking advantage of the market. so if you can document a 20% reduction in income, and it's that reduction that caused you to file BK and lose your home, then you would meet the reduced income requirement.. if you have re established credit and have credit scores within the acceptable range, then you would be good there as well, and the last would be taking advantage of the market.. if the home you lost was 2500SF, and the new home is 2500SF but much less than what you had originally, then that would be taking advantage of the market, and the lender would probably disallow.. this last guidelines is subject to underwriters interpretation, so it's very subjective.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com