How soon can you obtain a home loan after declaring bancruptcy?

Question

We declared in October of 2003, and we want to consider buying a home. We would be first time home buyers.

Answer 1

You qualify for FHA, VA, any subprime, and most Alt-A products, assuming you have re-built some credit since the BK. Most lenders will look for 3 tradelines with 12 months of pay history (rent can be one of them).

In your situation, try one major bank and two brokers. See if the first one will give you a copy of your credit report, which you can then give to the other two while you shop. Eventually, whoever you go with will have to get their own, but it can help avoid a couple extra inquiries on your credit report, which will pull your score down.

You may have old, inaccurate info on your credit report from your BK, 90% of BK filers have lots of crud to clean up on their report. Typically, old collections and charge-offs that were discharged will still show as if you have a balance. Find a good loan officer who can walk you through how to clean up your credit report and get the highest scores you can get before you actually try to get a loan.

Unless you've had bad payment history after your BK, you should be able to get market rates, 6.00-6.5%, maybe 7% at the highest. Anyone quoting higher should be avoided.

Answer 2

There are programs that allow for home purchase even 1 day out of BK. There are a multitude that will allow for the 3 years yours has aged.

Here is some additional info. Hope this helps.

Answer 3

Subprime lenders will grant loans 1 day out of BK. It's been 3 years since, if you've acquired credit without derogatory payment history since and your score is decent, you might be ok for prime. You have to be out of BK at least 2 years. If its not 2 years, its 4 years.

Answer 4

depending on the type of BK, and when it was discharged. Can be 1 day after or 1 year after the discharged date. And it is very important not to have ANY Late Payments on Any credited account after filing for BK.. any questions give me an email,

Answer 5

Your bankruptcy will not be a problem at http://www.justgetaloan.net we have been able to help people with the same circumstance as you get into homes with no money down and with competitive rates. Some things the bak will look at are your scores, since your bankruptcy have you reestablished credit and how well you have kept up with you re-established credit since. for additional assistance feel free to contact me direct at 866 530 7300 ext 7305 or by email at [e-mail]

Answer 6

I,m guessing seven years or ten with a home