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dturos · Joined: 08 Nov 2009 Posts: 1 1.33 Dollars($)

I filed bankruptcy in 2008 due to a divorce. It was discharged the same year. I am currently doing a land contract as my previous home was included in the bankruptcy and is still in foreclosure. Am I able to secure financing now to purchase the home? I make 50K a year and I will be purchasing for 110K. I have been in the home for over a year and have reciepts for all payments. I do have a car note that I kept out of BK to show credit history. Never been late.

jenkin7 · Posted: Sun Nov 08, 2009 11:50 pm Post subject:

Hi dturos,

You need to wait for at least 2 years after a chapter 7 bankruptcy to qualify for an FHA home loan. The waiting period to get a conventional loan after bankruptcy is 3-4 years. The waiting period is counted from the date of discharge, not from the date of filing. If you were discharged from bankruptcy last year, you will have to wait for another year at least to get approved for a mortgage. You must also improve your credit scores in order to qualify. What are your current scores?

Posted: Tue Nov 10, 2009 3:41 pm Post subject:

It was discharged March of 2008. 587 is the credit score.

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