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Buying a home after bankruptcy

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kblinn2 Joined: 22 Apr 2011 Posts: 1 1.38 Dollars($)	Posted: Fri Apr 22, 2011 8:25 am    Post subject: Buying a home after bankruptcy Like 0 Dislike 0 I filed Chapt 7 bankruptcy, which was discharged in January 2010, on credit card debt. I did not file bankruptcy on my mortgage and have never missed a mortgage payment. I went through a consumer credit counseling service to apply for the Making Home Affordable Program in March 2010 but my lender (PNC Mortgage) denied saying "You have never missed a payment on your mortgage; therefore, we cannot entertain your request." I want to sell my home at this time because the mortgage payments are high and difficult for me to make due to limited income. I want to purchase a smaller, more affordable home. How long do I have to wait until I can purchase another home? My credit was excellent prior to bankruptcy and I have maintained good credit since. Thank you.
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Fri Apr 22, 2011 8:13 pm    Post subject: Like 0 Dislike 0 Hi kblinn, After a Chapter 7 bankruptcy filing, you need to wait for 2 years to qualify for a FHA loan and 4 years to qualify for a conventional loan. This is irrespective of the fact whether or not you've a good credit score. Thanks

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