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First time home buyer question after chap7

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New Contributor

First time home buyer question after chap7

I’m doing bankruptcy chapter 7 now, and I’ve been reading that I have to wait about two years to get a home loan.
What type of loan could I get? Is there such thing as 0$ down.
And what exactly is a FHA loan ?


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Valued Contributor

Re: First time home buyer question after chap7

FHA loans are usually issued by a FHA approved lender and backed by the Federal Housing Administration.  Usually for those with lesser than stellar credit and requires usually 3-3.5% down for the purchase along with private mortgage insurance is added to the loan as well since less than 20% is put down.  Only $0 down payment option I've personally seen is from my credit union, but there are programs and such that will assist with a down payment as well.

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Moderator Emeritus

Re: First time home buyer question after chap7

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