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msdivadj

Home purchase after BK

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We were discharged earlier this year. Our lease (from our apartment) is coming up next year. Just trying to figure out if we have any shot or if we should just re-sign for another year. I realize with the current state of the "market" and whatnot, we might just have to bite the bullet and bide our time.... any advise is much appreciated. :)

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If your BK was a chapter 7 then you will need to wait 2 years from discharge unless you have mitigating circumstances that can be proven. IF your BK is a 13 and you have completed a payment plan and been discharged then as long as you made your payments on time then you can qualify now as long as it has been 12 months since you started a payment plan.

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I have to tell you Cedric, I am not a fan of that answer :) although I had a feeling. we will be just about a year out when our lease is up. It was 7 so it looks like we have at least a year left - so sad. Our rent is HIGH!!!

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I have to tell you Cedric, I am not a fan of that answer -_- although I had a feeling. we will be just about a year out when our lease is up. It was 7 so it looks like we have at least a year left - so sad. Our rent is HIGH!!!

 

I got an FHA loan this April, 2 yrs and a few months out of Chapter 7...the key is to have everything else in order - NO lates since BK, no collections or judgements, good DTI, and 3% down...since I don't think they're doing the Ameridream thing anymore...

 

My wife and I put our 3% down and got in, and my FICOs at the time were about 645...hers were 740+ (and no BK) but we are both on the loan and I could have (in theory) done it on my own had my income been high enough.

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The year will go by fast! Stay positive! My BK was discharged in March of this year and it seems like it was just yesterday. I think the next year + 3 months should go by quickly and the way stuff looks...prices may fall even more over the next year anyways.

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