Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 8 months ago

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. 

10 Answers

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  • 8 months ago

    You probably still wont' get a mortgage that fast, no.

  • 8 months ago

    wow, so you were bankrupt 8 months ago, and now you have a 30% down payment??   Sounds fishy to me.

  • 8 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.

  • Anonymous
    8 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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  • Judy
    Lv 7
    8 months ago

    most likely yes.

  • 8 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.
  • 8 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?

  • Maxi
    Lv 7
    8 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!

  • Eva
    Lv 7
    8 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.

  • 8 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.  

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