mortgage after bankrupcty

[jxd0326]

I am 1 yr post discharge. I was hoping to buy a home with the new tax credit extension. But will I ever be able to find a mortgage 1.5 yrs post bankruptcy? I wanted to be able to move by this summer. I dont know where to start . I did call one bank they said for FHA 2years coventinal 4 years. I am so depressed and I havent even started the search yet.

Any info would be great.

 

Thanks

[Brian B The Loan Professor]

Welcome to the boards

I am afraid the info you were given is correct

The soonest will be the two year mark post BK

Make sure and use the time to reestablish good credit

B

[sc628]

Does the two years include having a foreclosure included in the bankruptcy?

[Brian B The Loan Professor]

No if there was a foreclosure it is 3 years from the foreclosure

[sc628]

Great..lol.

[sc628]

Any chance that might change? Just curious.

[Brian B The Loan Professor]

It might but if it does it will probably be worse

Things are still getting harder as far as guidelines

who knows though with the volume of foreclosures they may lighten I wouldnt count on it though

B

[tmimages]

No if there was a foreclosure it is 3 years from the foreclosure

 

 

Unless you do a rent-to-own with owner financing.

[stacyppl]

Doesn't NACA do mortgages 1 year and 1 day post bk?

[Lynn37]

Doesn't NACA do mortgages 1 year and 1 day post bk?

 

A friend of mines is going through them, She told me 2 years.

[CreditMcNugget]

When I called the NACA office, they told me 18-24 mos. after DC.

We have an appt for the workshop on 1/9/10.

I plan to start a thread here to keep everyone updated.

Edited December 23, 2009 by CreditMcNugget

[stacyppl]

Okay, I just called NACA and the receptionist basically said it depends upon your individual circumstances and the reasons why you filed bankruptcy. She said to wait until the bk is discharged, attend a workshop, and bring your discharge papers (in addition to everything else required) to your first consultation and the counselor will tell you how long the time frame will be. I look forward to hearing more about your experience CreditMcNugget!