Mortgage after a bankruptcy and foreclosure
Mortgage after a bankruptcy and foreclosure
My wife and I had our bankruptcy discharged in May of 2009; followed by a foreclosure by US Bank in what appears to be September of 2011. The bankruptcy was filed only to discharge the house (no other debt); because we were forced to move for jobs and could not sell. We recently got turned down for a FHA loan due to the length of time from the foreclosure. Our bank indicated that a conventional loan may work for us...is this true? Can we get a conventional loan with 5 years from a bankruptcy and ~2.5 years from the subsequent foreclosure? Also, do lending institutions take into account the length of time between the bankruptcy and the foreclosure if the home was included in the bankruptcy?
2 Answers
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The soonest is 3 years post foreclosure - this is FHA only all other programs take longer
conventional included
Banks look at BKs with homes included as a foreclosure - but the time clock for the foreclosure does not kick in until the home has transferred out of your name
Brian Barnes
ENG Lending
Nationwide Lender
1
You can get a conventional loan. But what is your credit score? Unless you have a good credit score, you won't get either an FHA loan or a conventional loan.