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Getting a mortgage after BK7

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mrsjr
Regular Contributor

Getting a mortgage after BK7

Hi All -

 

I am new to this board, and my top priority is getting a mortgage.  My BK was discharged in 07/2012, so I'm 14 months past BK.  I know that I won't qualify for almost another year, but I was curious how many people were actually able to get a mortgage 2 years after BK?  If you were, who was the lender?  I have reestablished my credit since my discharge and all of my scores are between 660-700.  I have 5 credit cards post-bk, all of which I pay in full every month.  I have student loans that have never been late.  My car is paid off, so no car payment.  So, DTI wise, I'm good.  I just wonder if I will still encounter any problems next year when I get ready to apply?  Thanks.  



Starting Score: 601
Current Score: 739 TU
Goal Score: 800


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Message 1 of 8
7 REPLIES 7
msanyell
Established Member

Re: Getting a mortgage after BK7

I was able to get a mortgage after 2 years if being discharged. I closed on Friday. My discharge was 7/27/2011 so it is possible. My bank was Ameris Bank. My middle score was 658 went FHA at 4.125%.
Message 2 of 8
mrsjr
Regular Contributor

Re: Getting a mortgage after BK7

Yay!  Congratulations!!  Would you mind explaining what is currently on your credit report?  Did you encounter any problems getting the mortgage?  This is great news!



Starting Score: 601
Current Score: 739 TU
Goal Score: 800


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Message 3 of 8
aussiesareforever
Established Contributor

Re: Getting a mortgage after BK7

You should be able to get a good options of lenders once you hit the two year mark. Sounds like you are doing everything right with your rebuilding. Like you probably already know, you won't be able to get a conventional loan but an FHA loan should be easy to obtain as long as everything else is fine (job, income, down payment, reserves, etc) My BK was 5 when I got a mortgage but as long as you meet the requirements of the lender, you should be fine.

BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
Message 4 of 8
Amythyst
Contributor

Re: Getting a mortgage after BK7

I just closed - I am however 4 years post discharge.  My home that I included in the bankruptcy didn't foreclose until 04/2010, so I had to wait 3 years from that date.  We went FHA and I didn't have any issues.  I did however still have to provide a letter of explanation for the bankruptcy and the foreclosure.  Was just a formality though.

 

You should be fine. Smiley Happy 

Message 5 of 8
mrsjr
Regular Contributor

Re: Getting a mortgage after BK7

Awesome!  Congrats to you guys!  I feel better already! :-)



Starting Score: 601
Current Score: 739 TU
Goal Score: 800


Take the myFICO Fitness Challenge
Message 6 of 8
msanyell
Established Member

Re: Getting a mortgage after BK7

I have a new car loan and 2 credit cards with limits one at $1500 and the other one $2500. No late payments since discharge (this is very important). I also had to write a letter of explanation on why I file BK7. After that it was the normal loan processing qualifications that I had to follow.

Message 7 of 8
Ron6262
Regular Contributor

Re: Getting a mortgage after BK7

   I got mine, applied a month after the two year period.  I used a mortgage broker in Ohio that found me a great bank that didnt make any sort of deal at all about the BK.

Message 8 of 8
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