Getting a mortgage after bankruptcy

[Anonymous]

Is it possible to get approved for a mortgage after bankruptcy, but have negatives reporting after bankruptcy was discharged?  If yes, what banks?  Would it be best if I paid them off? 

[Anonymous]

Yes, and it depends. (You're really asking two questions here.)

Yes, you can get a mortgage after a bankruptcy -- per FHA regs, anytime you can find a willing lender following a Chapter 13 discharge, or after waiting two years from discharge following Chapter 7. I just closed on a house 55 days after my Chapter 13 concluded successfully.

Your second question regards CR negatives. How old are they? For FHA purposes, lenders seek on-time payments and no negatives over the past 2 years. Anything before that essentially is disregarded (thought it might still affect your FICO score, which most FHA lenders insist must now be at least 620).

[Anonymous]

I have a couple negatives after my bankruptcy was discharged.  All are more than two years old.  My score is more than 620 -  last I checked it was 640.  Since then I have had something fall off as well as alot of my request for credit inquiries has fallen off (not sure if that will help at all).  I was told that there could be not lates or CO after bankruptcy.  Trying to see if someone knows something different.

[Anonymous]

oldhack,

Oh, I was glad to see your post!  I have asked a similar question on the mortgage board.  We are getting ready to try to refinance our mortgage or apply for a different mortgage on a home we've fallen in like with (same price range as our current home).  But I'm worried about how long we'll have to wait coming out of bk.  Ch 13 discharged 2/09.  How did you find a lender that was bk friendly?