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Mortgage after Ch 7 and Foreclosure?

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tlmsunshine Joined: 16 Jul 2011 Posts: 2 1.46 Dollars($)	Posted: Sat Jul 16, 2011 5:06 pm    Post subject: Mortgage after Ch 7 and Foreclosure? Like 0 Dislike 0 We had a bankruptcy (Ch 7) that closed in early 2010, which included 2 foreclosures (non-primary residences that we gave back to banks during bankruptcy-husband was homebuilder). The final one of those was also completed early 2010. we are looking to buy a home in July 2012 for $250,000 with $50,000 down. Income is $100K year gross, and my credit score is currently 750. Will I have an issue getting approved for a mortgage loan?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Jul 17, 2011 9:18 pm    Post subject: Like 0 Dislike 0 Hi tlmsunshine, After chapter 7 bankruptcy filing, you need to wait for 2 years to get a FHA loan and 4 year to qualify for a conventional loan. Unless 4 years have passed, none of the lenders will be ready to give you a conventional loan. Thanks
tlmsunshine Joined: 16 Jul 2011 Posts: 2 1.46 Dollars($)	Posted: Mon Jul 18, 2011 8:32 am    Post subject: Like 0 Dislike 0 So your income and credit scores are not a factor, just the amount of time? Also, is that timeframe from the filing date or discharge/closing date? Also, what about the foreclosures, since they were included in the bankruptcy, are they not a factor, just the bankruptcy?

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