topic Re: Home Loan after Chapter 7 in Mortgage Loans

Home Loan after Chapter 7

Anonymous — Mon, 15 Sep 2014 20:26:07 GMT

I can't answer it because I've never owned a home or filed chapter 7. My fiance is trying to buy a home, but can't find a lender that will do it a home loan. He has been out of BK for a little over a yr. I read somewhere that due to extenuating circumstances that some lenders will waive the 2 yr wait if you can prove which he can. Has anyone ever seen this happen if so who was the lender? Thanks in Advance.

Re: Home Loan after Chapter 7

ezdriver — Mon, 15 Sep 2014 20:50:20 GMT

@Anonymous wrote:
I can't answer it because I've never owned a home or filed chapter 7. My fiance is trying to buy a home, but can't find a lender that will do it a home loan. He has been out of BK for a little over a yr. I read somewhere that due to extenuating circumstances that some lenders will waive the 2 yr wait if you can prove which he can. Has anyone ever seen this happen if so who was the lender? Thanks in Advance.

Google "FHA BACK TO WORK PROGRAM" to learn about one particular program that allows one to get an FHA mortgage one year post ch7 bankruptcy. I did it and just closed on July 31st.

If your fiance is explaining his extenuating circumstances to loan officers and none of them has indicated the ability to do a loan, then maybe his circumstances just don't allow it. There are loan officers who post here regularly and they will chime in I'm sure.

Finally, there are portfolio lender who will in fact fund a mortgage one year post ch7 bankruptcy but the downpayment requirements start at 20% and one must have re-established credit with 12 months of positive payment history and three or more tradelines along with a 640+ score.

Re: Home Loan after Chapter 7

Anonymous — Tue, 16 Sep 2014 00:16:22 GMT

Thank You, your advise really helped. I got two lenders who are looking into helping also found out after they are both part of the " FHA back to work" program you mentioned.

Re: Home Loan after Chapter 7

Anonymous — Tue, 16 Sep 2014 19:18:46 GMT

How much did you end up having to put down?