Help with possible mortgage ?
I had a bankruptcy discharge 8 months ago. I read online to get an FHA backed loan I need to wait 2 years. I plan on selling my house and using profit to put a down payment on a new home. I will have 30% to put down on a new home. I’m wondering since I will have a large amount to put down if I will still need to wait to get approved for a mortgage? I have good credit score now.
Any experience or expertise in this area is appreciated.
- SlickterpLv 78 months ago
You probably still wont' get a mortgage that fast, no.
- Raymond L.Lv 58 months ago
wow, so you were bankrupt 8 months ago, and now you have a 30% down payment?? Sounds fishy to me.
- STEPHENLv 78 months ago
You 100% will not get any kind of mortgage within the two years of having your bankruptcy discharged. You could put down 90%. You still won't get a mortgage until the two years has passed.
- Anonymous8 months ago
Yes. FHA isn't going to bend the rules for you.
Why are you stuck on the idea of an FHA mortgage? Go to a broker and see what they can do for you.
Get rid of the notion that 30% is a huge down payment. It isn't. Less than 20% is considered high risk and usually involves the borrower buying mortgage insurance for the lender.
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- JudyLv 78 months ago
most likely yes.
- Beverly SLv 78 months ago
If it was a chapter 7 you have to wait 2 years after the discharge date even if you had 90% down. If chpt. 13 you can do it immediately if you qualify. Either way make sure you don't have ANY lates after BK.Source(s): Mortgage lender 33 years.
- SimplytheFACTSLv 78 months ago
have you looked into a non FHA loan? did you actually get out of paying some bills with the bankruptcy and screw creditors?
- MaxiLv 78 months ago
" I read online to get an FHA backed loan I need to wait 2 years." .......... so does it also state that rule is void if you have a larger deposit? I doubt it very much!
- EvaLv 78 months ago
No bank will touch you until you're at least 2 years out of bankruptcy. Put off your plan to buy a new house for now.
- Casey YLv 78 months ago
Still need to wait...what do you mean exactly? They are going to check your credit-worthiness at the time you apply...not sure what you mean about a "wait" here.
Was there a home included in the bankruptcy and how was that settled? If a foreclosure, good luck buddy.