Buying a Home After Bankruptcy

Buying a Home After Bankruptcy - Quicken Loans Zing Blog *This post was published in 2005. Bankruptcy guidelines have changed greatly since then. For more information, check out the government’s website here

The good news: Having a bankruptcy on your credit report does not mean you can’t buy a home. Believe it or not, those who have gone through bankruptcy are actually encouraged to find ways to build credit by taking on debt.

The bad news is that debt will be closely scrutinized, come in smaller amounts, and have higher interest rates because lenders will consider them to be higher-risk borrowers. But these downsides shouldn’t discourage those with poor credit history from investigating their home loan options. The responsible use of credit is the only way up from a bankruptcy filing.

How Bankruptcy Affects Your Credit Rating

Bankruptcy can provide relief to people in dire financial straits by releasing them from the obligation to repay their debts. It’s a drastic move for anyone because a bankruptcy will stay on a person’s credit rating for up to 10 years, effectively acting like a warning flag to anyone considering lending that person money or a line of credit.

In order to mitigate the risk of providing that person a loan, the lender will charge higher interest rates than they normally would. For instance, an auto loan that might ordinarily carry six percent interest could come with an interest rate of eight percent or higher. But, as time passes and small loans and credit card balances are paid off on time, the bankruptcy filing becomes less and less significant to a lender.

Rebuilding Good Credit After Bankruptcy

Establishing good credit after bankruptcy is essential. The following will help recent bankruptcy filers regain their financial strength:

  • Pay bills on time. This is the single best thing bankruptcy filers can do to build up their credit rating.
  • Acquire and use a secured or unsecured credit card. Just don’t charge any more than you can afford to pay off each month.
  • Read your credit report. Errors are possible, and keeping tabs on your progress will help you stay focused on the goal of rebuilding after bankruptcy.

When and How to Find a Home Loan

Understandably, mortgage companies want some form of reassurance that the borrower is on a safe and responsible financial track. Many lenders prefer to see three things when considering loaning money to someone following a bankruptcy:

  • A two-year stretch of on-time bill payments
  • A down payment
  • A steady income

The one non-negotiable item on the list is a reliable income. The other two – two spotless years of credit and a down payment – aren’t quite set in stone. Some lenders will be willing to provide a loan sooner than two years if there is evidence of responsible bill payment on a car or secured credit card plus reliable income.

Likewise, with a steady work history and a down payment (even a small one), it’s not impossible for someone just coming out of bankruptcy to secure 100-percent coverage on a home loan.

Finding a reputable lender willing to loan a home’s total value to someone just beginning the process of rebuilding their credit, and with an on-again off-again employment situation, is a tall order, and probably not a good idea for the would-be borrower. Post-bankruptcy borrowing should be undertaken at a slow pace and with an eye toward the future. With proof of responsible borrowing and spending, home ownership won’t be far off.

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228 Responses to Buying a Home After Bankruptcy

  1. MR COOK January 8, 2011 at 12:24 am #

    My wife & I are just weeks outta our 1st ever & only ever chapter 7! We will never do this again! It has been a nightmare! I broke my back & lost job, 7 my wife was forced to 2 stay @ home & take car of me for approx 12 months. We piled up most of our debt in the form of medical bills from my 2008 accident, however everything else snowballed as we ate through our savings when I lost my income. We have only 1 positive tradeline on each of our CRB’s, which is our student loans which survived the BK, & were @ good status even before we filed BK! We have no debt now, and 34k a yr income. We have approx. 2k-5k for downpayment, and 24 mo. of clean ontime(neverlate) rental payment history! We are tired of pissing away all our hard earned money in this amazing “buyers” market! We have found many properties to fit our needs, just need the financing! We dont care what type of initial mortgage terms we get as long as it gets us into the home we want at the payment we can afford, with the option to refinance after a yr or 2 to lock in better rates! We have pissed out over 24k on this rental making our landlords pocket fatter, and we cant take it anymore! if you can help us , with our provable income, & our provable amazing rental payment history over the last 24 months, please contact us asap, before we get stuck in another rental trap. Our lease is up currently and we need to purchase or rent again & its not going to be here due to the high crime rate from the crappy economy! We must make a move/decision very soon though! We would like to be In a new home no later than first week of Feb 2011! Please feel free to contact me @ [phone number removed] ONLY if you are positive you can help!

  2. Amber Hunt January 10, 2011 at 3:13 pm #

    Hi MR COOK,

    I’ve passed your information on to one of our Home Loan Experts who will be in contact with you if we can help. Thanks!

  3. carl johnson January 25, 2011 at 6:19 pm #

    Can a family apply for a home loan while going into third year of a chapter 13 and have home now.Used to have excellent credit, but got stuck trying to take care of two homes when one woudnt sell.Credit score is still not bad.

  4. Amber Hunt January 27, 2011 at 10:50 am #

    Hi Carl,

    A Home Loan Expert will be in contact with you. Thanks for reading!

  5. Mark R January 28, 2011 at 7:37 pm #

    I have a bankruptcy discharged 6/3/10. The bankruptcy was due to a business failure. But we have missed no house payments, car payments, or AmEx payments. Only debts associated with my failed business were discharged. We have steady (and good) income and have a history of steady payments on bills. Is it possible for us to re-finance our house? We currently have an interest only loan at 8.5%. We need to refinance. Is that possible with Quicken Loans?

  6. R. Rebecca Carter January 28, 2011 at 7:57 pm #

    Mark, with an 8.5% rate, you DEFINITELY should look into locking into current low rates. Refinancing could save you thousands in interest. Whether or not we can help with your refinance depends on several factors, like your current credit score, your current home equity situation, and your income sources. I would not let the bankruptcy keep you from speaking to a home loan expert right away. I’m passing your email on to one of our knowledgeable home loan experts. He can answer any questions and help guide you to the right decision.

  7. Kathy January 29, 2011 at 8:02 pm #

    We had a chapter 13 that was converted to chapter 7 and discharged in June,2010. Under the chapter 13 our car payments were paid monthly and on time. Our mortgage payments were paid directly to the lender byus outside of the bankruptcy, on time and never missed. The only other loans we have are private student loans that were put on hold during the bankruptcy and immediately after put on collections. We have made arrangements for repayment on them and never missed or been late. Since then our income has changed and with the housing market the way it is we can no longer afford our home and may have to resort to quick sale or deed in leu. We have found a property that is much smaller and less expensive. It is valued at 190,000 and listed at 168,000. We have a documented fixed income and could afford to lease the property, but would much rather find a way of financing and putting the money toward ownership and begin a fresh start. We have no credit cards. Is there anything quickenloans would be able to do for us?

  8. Amber Hunt February 1, 2011 at 2:28 pm #

    Hi Kathy,

    A Home Loan Expert will be in touch with you to discuss your situation. Thanks!

  9. Dan February 4, 2011 at 4:02 pm #

    I owned an engineering business for 8 years in Atlanta. Unfortunately the economy drove me out of business – and found ourselves “given the keys” back to the bank for our dream home – ending up going through a bankruptcy.

    We have been paying rent – on-time – for 24 months and have a great steady income job… Like Mr. Cook above we are also making our landlord’s pockets FAT – how can we restart our lives if no one gives us loan?

    I look forward to hearing from someone soon – thank you!

  10. Amber Hunt February 14, 2011 at 12:50 pm #

    Hi Dan,

    A Mortgage Banker will be in contact with you. Thanks for reading!

  11. Holly February 21, 2011 at 6:37 pm #

    My situation is similar to these folks as well– My husband and I were discharged in March 2010. In the BK we also lost our house. We have been renting for 1 year and 7 months with no missed payments and kept 2 vehicles during the BK that we never paid late, as well as a student loan that was never late. All of our unsecured credit was discharged, and since then we haven’t obtained any other forms of credit. So what we do have is in great standings, but it isn’t much and I don’t know what our current credit scores are. Since this whole ordeal my husband and I had our first child and are really interested in finding a place we can call home again- that doesn’t share a wall with someone! I have been in my current job nearly 7 years, and my husband has been in his for job for almost 9 years with a joint income of nearly 80K. We live in FL and it is definitely a buyers market we simply need someone to give us the opportunity of Financing! Can you all help?

  12. Courtney February 22, 2011 at 4:09 pm #

    I have a question. I filed for bankruptcy chapter 7 in August of 2010. It was discharged in November of 2010. I purchased a car in December 2010. How long do I have to wait before I am eligible for a mortgage? Outside of my car, the only unsecured debt that I have is my student loans.

  13. Amber Hunt February 24, 2011 at 1:28 pm #

    Hi Courtney,

    Thanks for reading! A Home Loan Expert will be in contact with you. Thanks again!

  14. Amber Hunt February 24, 2011 at 1:51 pm #

    Hi Holly,

    A Home Loan Expert will be in touch. Thanks for reading!

  15. Gale Capps March 3, 2011 at 10:58 pm #

    Filed Bankruptcy in Aug 09 in California.

    I was approved for a loan from Quicken Loans to buy a house back in 04/05.
    At that time, I was trying to save my home after divorce and after being notified of Payments on my ex’s side, not being met.
    I was not on the house loan or 2nd or 3ed mortgage but I was paying the 1st mortgage and on time of 1295.00/mo. The 2nd and 3rd foreclosed and I dropped the process for completing the loan.
    I am renting now at more then I would have been paying for the home loan we had arranged.
    I have one student loan down to 9K and pay extra on that every month and soon to be one non secured credit card for building credit purposes only.
    I make 32K/yr 1700/mo for the rest of my life, the rest child support for 2+ more years.
    Our divorce dragged on since 04 and was stalled when my ex filed bankruptcy to finally be continued this month to try to gain back half of the property assets the ex took out before he filed, including the 401K and possible personal injury to me for not paying court ordered health insurance. (I have MS)

    It will be exactly two years in Aug and I am looking to be pre-qualified for a home loan in another state where property is much cheaper.

    My only payments are general utilities, and the one student loan.
    The rest of my money is free and clear.

    I am looking to be prequalified on a 15yr fixed and would like to know what to expect in advance.
    I know very little about home loans other then the experience I had with Quicken Loans and would like to be prepared now and ready to get a loan by Aug of 11.

    Any information you can give me to help me get a loan only 2 years out other then the information online (which helped a lot) would be appreciated.

    Thanks

  16. Cheryl March 13, 2011 at 12:05 pm #

    I am researching to see if it is possible to get a home loan after filing bankruptcy (Chapter 7). It will be discharged March 14, 2011. What is the process?

    Thanks

  17. robert March 22, 2011 at 6:59 am #

    company i worked for for over 30 years went bankrupt and closed in feb. 2009.. so i was unemployeed.. friend of the court took 50% of my unemployment check for child support.( which is now over).. i had little choice but to file bankruptcy.lost everything. have now found a good job again.been here a year..have a year of all on time payments for apartment rent,cable tv, and electric,,(my only bills.)..

    im wondering about the chances of getting a loan to buy a condo.. price $ 40,000.
    with a down payment of $ 12,000…mortgage of $ 28,000 for 10-15 years,

  18. Amber Hunt March 22, 2011 at 10:11 am #

    Hi Robert,

    A Home Loan Expert will be in touch with you. Thanks for reading!

  19. Amber Hunt March 22, 2011 at 10:12 am #

    HI Cheryl,

    Thanks for reading! A Home Loan Expert will be in contact with you.

  20. Pedro March 28, 2011 at 5:54 pm #

    I discharged a chapter 7 Aug 2009. My home was included, but we still tried to modify. But the bank does not want to modify because the second borrower is not cooperating. Can I qualify for a home loan? I have steading income and I have 2 credit cards and purchased a new veh. last year in May.

  21. Amber Hunt March 30, 2011 at 2:37 pm #

    Hi Pedro,

    A Home Loan Expert will be in touch with you. Thanks!

  22. Amelia April 4, 2011 at 11:34 pm #

    Hi my husband and I started falling on hard times when my baby was born in 2009 and I had to stop working and the company my husband worked for went out of business. We had two houses and had a hard time paying for both. To make shorter we sold oe of the houses and was already behind on the other and just could not catch up. I tried many loan motifications to get a comfortable payment to fit our financial situayion and was denied everytime. Anyway we ended up filing joint bankruptcy in june 2010 and discharged in dec. 2010. We have been renting for 10 months now with great payment history. We also just paid off an auto loan in march. Other than that we have no utilities in our name except car insurence, cell phones and satalite tv. My husband has been at his job for 7 months now and we have a good bit saved. Is there any help in getting a loan for no more than $40,000?

  23. Amber Hunt April 5, 2011 at 2:39 pm #

    Hi Amelia,

    I’m sorry to hear about your hardships. It sounds like you’re on the right track, but unfortunately if your home was included in your bankruptcy, we would need to wait a minimum of 3 years before we can consider you for financing because the home would be treated as a foreclosure. If you have any additional questions, give us a call! Good luck, Amelia!

  24. kelly April 12, 2011 at 6:01 pm #

    My husband and I bought our dream home in April2007. My husband was laid off in Oct 2009 and since then he has not been able to get a steady job. I have a small business,but I am in the process of filing bk. I am asking, how long after my bk will I be able to buy a more affordable home. We are not going to be able to keep this one anymore.

  25. Jennifer April 12, 2011 at 7:24 pm #

    I filed for bankruptcy and was discharged in Jan 2010. My house was not included and have always paid on time. I was approved for an auto loan in April 2010 and have been paying those payments on time as well. The home loan officer I spoke to told me that my credit looked good but I still have to wait 2 yrs. from discharge to get a home loan. I recently started a great new job in a new city. I’ve gone ahead of my family to start the job and look for housing. There are many great options to buy and not so many for rent in the new city. My plan is to have some place before mid-June so my family can join me when the kids get out of school. So, before I go crazy trying to chase a rental, I would very much like to know if I could get a loan now or what benefit would it be for me to wait one more year?

  26. Amber Hunt April 14, 2011 at 10:57 am #

    Hi Jennifer,

    In most cases we would have to wait at least 2 years after a bankruptcy has been discharged to consider home financing. There are some exceptions to the rule, so you may want to talk to one of our Home Loan Experts. Feel free to give us a call at 800-251-9080 or I can put you in touch with someone if you’d like. Just let me know and thanks for reading!

  27. Amber Hunt April 14, 2011 at 10:58 am #

    Hi Kelly,

    In most cases we have to wait 2 years after the bankruptcy is discharged in order to consider you for home financing. Good luck and if you have any further questions let us know! Thanks for reading!

  28. Tia April 15, 2011 at 10:01 pm #

    I was woundering how long does it take to purchase a home after filing chapter 7 bankruptcy. What is you credit score after filing? Do you have a credit score after filing?

  29. Amber Hunt April 20, 2011 at 2:56 pm #

    Hi Tia,

    In most circumstances, home buyers have to wait 2 years after the bankruptcy has been discharged. How your credit score is impacted is unique to your specific situation, so a Home Loan Expert will be in touch with you to discuss. Thanks for reading!

  30. Christopher June 23, 2011 at 6:44 pm #

    My wife and I filed chapter 7 and it was discharged the beginning of December 2010. There were no assets included in the bankruptcy as we had none and were renters. We have been renting since january of 2005 and would like to purchase our first home. We have some in mind in our area that even the most undesirable rate would still put a monthly payment below what we have for rent. I have been with my current employer for 6 years and my wife has recently joined the same employer. Combined income is greater then 45k a year. We currently now have a daughter. I understand bankruptcy tends to have to take 2 years but I am curious if it is possible to be sooner as in some cases. neither of us have had a vehicle payment and we both own our vehicles outright. Both vehicles run perfect. We have pre-approvals for vehicle loans but figured its not needed as we have well maintained vehicles already that don’t have a need to be replaced. As for the down payment I know we would be able to come up with anywhere between 5k-15k for the down payment. The chapter 7 was comprised mainly of unpaid tuition (never did the drop out process before the deadline) and medical bills from before we were married. Current medical bills are paid for in full with our FSA/HSA. Covers the deductible and everything is 100% covered through the insurance after that. If there is something that can be worked on that would be fantastic. If we can apply jointly without a co-signer that would be great … but if we need a co-signer I do know one who is willing, I am not sure if that matters with bankruptcy or not. The total amount of the discharge was around 50k with 20k+ being from the unpaid tuition.

  31. Gabriel Salgado June 24, 2011 at 9:09 am #

    Hello, we filed bankrupcy last november, we were discharched in january 2011. We have been renting for about a year and half. We r at a small townhome , we have staedy income coming in ,we have not been late with our monthly payments, are there any loans that we can qualified for ?

  32. Amber Hunt June 24, 2011 at 11:28 am #

    Hi Gabriel,

    In most cases we have to wait at least 2 years after a bankruptcy was discharged before we can approve you for financing. Please continue to keep us in mind and thanks for reading!

  33. Amber Hunt June 24, 2011 at 11:30 am #

    Hi Christopher,

    In most cases we have to wait at least 2 years after a chapter 7 bankruptcy has been discharged before we can approve you for financing. It’s unfortunate because it sounds like you are doing everything right with your current financial situation. Continue to do what you’re doing and please keep us in mind. Thanks for reading!

  34. Clint July 2, 2011 at 2:31 pm #

    My fiancé and I are in the market for our first home. She is currently getting her student loans back on track, and I have just finished a bankruptcy due to over spending and lack of dependable income. We both have held reliable jobs for more then 2 years, and have 1 secured credit card that is current and in good standing. Is there anyone who can help us get the loan we need for a starter first home?

  35. Ken July 20, 2011 at 9:14 am #

    Hi my family and I filed for a chapter 7 bankruptcy and now we are clean and have been for sometime and want to apply for a mortgage but we need the right lender after bankruptcy can you help me?

  36. Amber Hunt July 20, 2011 at 11:18 am #

    Hi Ken,

    Thanks for reading! A Home Loan Expert will be in touch with you.

  37. Kathy Lester July 20, 2011 at 9:17 pm #

    We started a Ch 13 over 2 years ago. I lost my job and then husband lost his job, we converted to a Ch 7 and are due to be discharged on August 7, 2011. I carried a car through the Bk and also a small credit card for re-establishment purposes. I just had our credit reports run and I am at a 629 and my husband is in the 580. We have found a manufactured home that fits our needs that they are only asking $28,500.00. I know the home would appraise for much more than that. Is there anyway to get a manufactured home loan right after our bankruptcy discharges. My husband has found another job and is making good money there and has been in the same line of work for 20 years. Just looking for a lender to give us a 5-10 year loan on this amount of money. Please let me know if there is a lender out there willing to work with us. Our credit was perfect before we both lost our jobs. Thanks.

  38. Amber Hunt July 22, 2011 at 9:05 am #

    Hi Kathy,

    Thanks for reading! Unfortunately we have to wait at least 2 years after the bankruptcy is discharged before we can consider someone for a new mortgage with us. Best of luck to you and keep us in mind in the future!

  39. Catalino July 28, 2011 at 7:18 am #

    I have filed chapter 7 and got discharged March of 2009. I’ve been renting and would like to buy a house again. I am now on disabilty with a fixed income of $3400/mos net income. I wanted to see if I can get prequalified so that I know what to do and where to begin in obtaining a home.

  40. Amber Hunt July 29, 2011 at 10:19 am #

    Hi Catalino,

    We’ll have a Home Loan Expert get in touch with you. Thanks!

  41. James July 30, 2011 at 4:52 pm #

    I am a Veteran and had to file Bankruptcy and it was discharge in Nov 2009. We have gone through the process and have re established good credit. We are in a contract to build a home and the lender called yesterday 2 months after signing contract and stated that our house that we included in our BK was not taken back by the bank until Aug 2010. Now our contract is all but null in void. Does anyone know how it works with BK and taking of a house back so long after discharge date. If it holds up as it sounds to me we can not purchase the home until Aug 2012. I applied for a VA loan and did not us it on the home included in BK. Thanks.

  42. Amber Hunt August 1, 2011 at 12:02 pm #

    Hi James,

    If your house/mortgage was included in the bankruptcy we have to wait 3 years after it has been discharged before we can consider you for home financing. If your home/mortgage was not included in the bankruptcy, there may be something we can do. Can you let us know the exact situation? You can email your phone number to content@quickenloans.com if you’d like and we can discuss your situation with a Home Loan Expert. Thanks!

  43. Mike Stover August 3, 2011 at 9:37 am #

    I had to file Chapter 7 Bankruptcy after retirment, a divorce where my ex took off and left me with every bill imaginable. I lost my house to foreclosure but tried to put it in the bankruptcy. The bankruptcy was done and discherged in early 2010. I have re-established my credit, which took a major hit, to the 700′s now. My wife and I are wanting to try and get a loan for a modular home. I have a good bit in savings I can put down abot 30 thousand. Will I be able to get financing or will the lendor just laugh and send me away? Please reply to me

  44. Amber Hunt August 3, 2011 at 10:54 am #

    HI Mike,

    Unfortunately, in most cases we have to wait 2 years after a bankruptcy is discharged before we can consider someone for home financing. If the home was included in the bankruptcy, we generally have to wait 3 years. Please keep us in mind in the future and good luck! Thanks for reading.

  45. Brad August 18, 2011 at 12:28 pm #

    I had a bankruptcy discharged may 2010. I kept my house and truck and recently purchased another vehicle. I sm curious ss to my eligibilty for a home loan as I have been offered a new job in another state

  46. Clayton Closson August 18, 2011 at 12:30 pm #

    Hi Brad

    We’ll have a banker get in touch with you to review your financial situation and let you know where you stand. Thanks for the question.

    Clayton

  47. JS August 18, 2011 at 5:46 pm #

    I have similar situation. My husband was layed off a lot, we used credit cards to get by for about 2 years, and eventually couldn’t afford the payments anymore. We filed chapt 7 on our credit cards and medical bills. We didn’t file on our house or my car. As soon as we filed in May 2010, my husband got a full time position with the ANG. He’s had steady pay since then. Our BK was discharged in Aug 2010. We still own the home which has been paid every month and always more than the minimum payment. We also purchased another vehicle in March this year and have always paid it well before the due date and more than the minimum. Since my husband job was 2 hours away we relocated and have rented the property we own. Just recently we have deciced to move back since my husbands work schedule would allow it but we don’t want to just rent and throw away our money. I would like to discuss our situation in more detail with a loan adviser to see what our options are for purchasing another home.

  48. Joe August 19, 2011 at 8:24 pm #

    I will be getting my discharge papers from the court in a few months. I currently in a house that is worth less than what i own. I dont want to reafirm this mortgage. I have my eye on a home is it possible to get a mortgage on a new home, My income ratio to debt is very good. I have alot more cash flow now, Credit score is yet to be deturnmend.

  49. Amber Hunt August 21, 2011 at 8:40 am #

    Hi Joe,

    Unfortunately we have to wait at least 2 years after a bankruptcy is discharged before we can consider you for financing. Good luck & please keep us in mind for the future!

  50. Aisha August 25, 2011 at 2:09 pm #

    I filed chapter 7 bankruptcy in feb of 2010 I was discharged in 6/2010. I bought a car in 6/2010 and I have been paying my creditors on time since. I have very steady income and I have been renting a home for the last three years for the amount of 762.00 monthly!! I really would like to purchase a home…Need help Please!!

  51. Amber Hunt August 25, 2011 at 2:55 pm #

    Hi Aisha,

    Unfortunately we have to wait 2 years after a bankruptcy is discharged before we can consider you for financing. Thanks for checking and please keep us mind for the future!

  52. LW September 4, 2011 at 3:50 am #

    Hello,

    Is there a way to determine approximately how much of a home loan I can qualify for without paying my bank to review my information? Bankruptcy cleared approx 2 years ago and I had a glowing credit score before that. I’m hoping to take advantage of these drastically low home prices and become a first time buyer. Thanks!

  53. phoenix property management September 19, 2011 at 11:34 am #

    After filing for bankruptcy, it was hard getting any loans, i finally settled on just staying in an apartment for a while and am now doing installment loans on a brand new car just to build up my credit again.

  54. garrett drew December 14, 2011 at 9:31 am #

    I read stories like this but have so far found not one lender even willing to talk about a home loan. 12 months out of chapter 7 with 12 months of solid payments and 3 years of perfect rental history and 65,000 a year income. Same job for 4 years. Any ideas on a lender that will help?

  55. Rick January 10, 2012 at 10:23 am #

    Im trying to get some information for my mom. She filed chapter 13 back in Feb. of 2005. She repaid her debt and the bankruptcy was completed in Apr 2010 but she did not get the official letter until July 2010. She is looking to purchase a new home. Here current home was not included in the bankruptcy. Credit score is in the 665-675 range with steady income approx. 100,000/year. Are there any financing option for her at this time?

    Thanks!

  56. PuluHui Family January 21, 2012 at 2:17 am #

    We would like to know of any lenders in todays market for post Chap 13, we have almost 3 yrs of perfect rent (quite more than house payment) & have secured cc in both our names to rebuild credit. We both have VA benefits available as well and downpayment. We have 35yrs employment history w/ military retire pay & salary from govt job. Are there options for us? Both our kids are Veterans as well and will be coming back to our state from Iraq tours to go to College. We want to have a home they can come home to….Please help….

  57. Victoria Araj January 23, 2012 at 5:44 pm #

    Hi, thanks for reaching out to us, we will have one of our Home Loan Experts contact you as soon as possible to see if we can assist you.

  58. Durell Brown January 23, 2012 at 9:46 pm #

    I am recently discharged from a bankruptcy as of 6/2011 I have a secured credit card that’s been paid on time for 6 months and a decent down payment for a home. I’ve been on my job for over 2 years and make a decent wage would I be able to be approved for a home loan?

  59. dee January 30, 2012 at 12:01 am #

    My husband and I have to kids and one on the way, we really wanna buy and don’t no what to do because everyone gives us all kinds of info. We filled a chapter 7 in oct. 2010 we have several line of credit , when can and who can we get a loan from??? Please help us….

  60. Victoria Araj January 30, 2012 at 1:36 pm #

    Hi Dee, thanks for reaching out to Quicken Loans. We will have one of our home loan experts reach out to you and see if there’s a way we can assist you. We’ll be in touch soon!

  61. jennifer m February 6, 2012 at 8:23 pm #

    My husband and I filed chapter 7 in june 2010 and we are looking to buy. We have 3 kids and I had to leave my job at the army barricks due to such high risk pregnancies with my kids. My husband has been a professional firefighter at the same station for 6 years now. We have several lines of income since he works full and part time. We just don’t know where to start?!

  62. Victoria Araj February 7, 2012 at 10:03 am #

    Hi Jennifer, thanks for reaching out to Quicken Loans. I’m going to share your information with one of our home loan experts who will contact you and see if we can be of assistance. If there’s anything else I can help you with, please let me know. Thanks and have a great day!

  63. ELLA February 28, 2012 at 11:03 am #

    I RECENTLY FILED BANKRUPTCY AND IS DISCHARGED HOW CAN I PURCHASE A HOME?

  64. Victoria Araj February 28, 2012 at 11:37 am #

    Hi Ella, thanks for your question. There are specific guidelines that must be met, including the length of time that needs to pass after the discharge of the bankruptcy. However, I am forwarding your email to one of our home loan experts who will reach out to you and give you more information. Thanks for reaching out to Quicken Loans and have a great day!

  65. kayhy March 1, 2012 at 10:31 am #

    We have less than a year left on our chapter 13. We are trying to find a loan to use the equity in our mobile home & land to pay off bankruptcy. Is there any companies that will help with this?

  66. Victoria Araj March 1, 2012 at 10:35 am #

    Hi, unfortunately we are unable to provide assistance on a mobile home and land. Perhaps you could contact your local bank and see if there are lenders in your area who specialize in mobile home lending. Thanks for reaching out to Quicken Loans and best of luck to you.

  67. Joel Mishler March 1, 2012 at 2:08 pm #

    My wife and I were discharged from a chapter 7 bankruptcy in February of 2011 due to a failed business. Since then we have moved to a different state and after a short period of hard times we now both have solid jobs and a good income. We current live about an hour from work and

  68. Victoria Araj March 1, 2012 at 4:56 pm #

    Hi Joel, thanks for reaching out to Quicken Loans, it looks like your message got cut off. I can connect you with one of our home loan experts who may be able to assist you. Thanks!

  69. WC March 1, 2012 at 4:59 pm #

    I have read there is a difference in the waiting period to refinancing after a Chapter 13 vs a Chapter 7 bankruptcy. I understand the two year period after Chapter 7, but what is the waiting period after a Chapter 13? My mortgage was not included in the plan and it has never been late in the five and a half years since inception. I will not be discharged until the end of 2013. What kind of rates could I expect if I were doing it today?

  70. Victoria Araj March 1, 2012 at 5:03 pm #

    Hi, thanks for reaching out to Quicken Loans. I have forwarded your message to one of our home loan experts who will contact you with more information. Thanks and have a great day!

  71. Heather R March 4, 2012 at 8:12 pm #

    Hi there! I lost my job back in November of 2008. couldn’t find another job until May of 2011. Have a great job now and my husband has been with the same place for 10 years now. We had no choice but to file bankruptcy in March of 2010 and were discharged in August of 2010. We also included our conventional mortgage in the bankruptcy and decided to stop paying soon after discharge. We now need to be out of our house at the end of April. We have reestablished good credit since the discharge and have not been late.

    My question is, is there a chance we could qualify for an FHA loan after our 2 year discharge? Is there a chance we could get a loan with a parent cosigning?

    It’s confusing with all the information out there and i had a friend in the exact same situation who was able to get a VA loan 2 years out of their discharge that included their home as well.

    Any advice is appreciated. Thank you!

  72. Victoria Araj March 5, 2012 at 1:40 pm #

    Hi Heather, I forwarded your inquiry to one of our home loan experts who will contact you shortly. Thanks for reaching out to Quicken Loans!

  73. dirt bike pictures March 24, 2012 at 7:52 pm #

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  74. James March 26, 2012 at 4:56 pm #

    Hi,

    I have been discharged from bankruptcy for nearly 2 years now. I have a good deposit and have been in employment for over 5 years with a good wage. I also have been building up my credit with a credit card.
    Last year me and my wife applied for a mortgage with Halifax. We were approved through all the stages until the last. Do you know if there is anyone out there that would now lend to us? We have been paying rent at £1000 per month for 18 months now, its heart breaking when its not to pay your own mortgage.
    Any help and advice would be much appreciated.
    thanks

  75. Victoria Araj March 27, 2012 at 11:09 am #

    Hi James, Thanks for reaching out to Quicken Loans. Unfortunately, if you are located in the UK we would not be able to help you. You may want to contact a local lender in your area.

  76. Debbie B April 2, 2012 at 2:23 pm #

    Hello,

    We just had our bankruptcy discharged a few weeks ago and we are in a home that we have 6 months left on the lease before we are required to purchase the home. My husband has had a job for over 10 years and I have had a part time job and full time school for the last 2 years. I just started about a month ago at a full time position on top of the part time I already had. My credit score is 586 and his is about 530. Is there a chance of us getting a mortgage with this info? We have no debt except for student loans. The house is about $110k and we will have a down payment of about 10% in the next two months. Thank you!

  77. Victoria Araj April 2, 2012 at 3:55 pm #

    Hi Debbie, thanks for reaching out to Quicken Loans, I have shared your comment with one of our top home loan experts who will contact you to learn more about your situation. Thanks and have a great day.

  78. justin April 6, 2012 at 8:54 pm #

    I have the same stories as many of theses people and would love to buy the house we are living in but need to know what steps to take to get financed please help

  79. Clayton Closson April 7, 2012 at 3:45 pm #

    Hi Justin

    We’ll get you in touch with one of our Mortgage Bankers who will help you figure out what you need to do. Thanks for asking!

  80. Candice April 8, 2012 at 1:14 am #

    Hello,

    My husband and I are looking for a company to get a mortgage loan, and just like the other people here my husband has a bankruptcy. It has been over two years, we both work and together make about 80K a year. The money isn’t the issue, we just can’t get approved for a home loan. Can you please direct us in the right location to find a company that would help us get into our first home. Thanks. Please contact me.

  81. Victoria Araj April 9, 2012 at 12:39 pm #

    Hi Candice, Thanks for reaching out to Quicken Loans. I’m forwarding your request to one of our home loan experts who will contact you shortly to see if we can be of assistance. Have a great day.

  82. Amy April 17, 2012 at 5:59 pm #

    Hi, It’s coming up on a year since mine and my husbands bankruptcy. Work history is good, and with the same company for years. We have a car we’ve been paying on for 7mo. never late and we have a major credit card that has never been late. How close are we to buying a home? We really want out of renting.

  83. Victoria Araj April 18, 2012 at 2:09 pm #

    Hi Amy, Thanks for reaching out to Quicken Loans, I’ve forwarded your inquiry to one of our home loan experts who will contact you to see if we can be of assistance, thanks!

  84. jeanette April 30, 2012 at 8:04 am #

    will you please forward me to a home loan expert? I may be ready to purchase.

  85. Victoria Araj April 30, 2012 at 1:35 pm #

    Hi Jeanette, thanks for contacting us, I have forwarded your request to one of our home loan experts who will contact you shortly.

  86. cameilia April 30, 2012 at 7:28 pm #

    I filed bankruptcy on August 2011, and looking for a home loan, I have living at my apt for the last 5 year never been late paying 981 per month, I am working on getting a down payment, can I get help?

  87. Clayton Closson May 1, 2012 at 1:34 pm #

    Hi Cameilia

    We’ll have a mortgage banker get in touch with you shortly to discuss your situation.

    Thanks

    Clayton

  88. Judy May 8, 2012 at 11:06 pm #

    Our chapter 7 bankruptcy was dismissed in 11/11. I hear we have to wait another year before we can approach a mortgage broker. We didnt file bankruptcy on our home, we have continued to pay thruout this ordeal and have never missed a payment. We had to feel due to medical reasons (my husband has cancer). Is there anything we can do or are there exceptions to the rule? /when we sell our current home we would hopefully make a profit and have that money to use towards the purchase of another home. We are wanting to downsize in home so that should be a plus in the amount of money needed for loan. I quess my questions are, is do we have to wait another year, is there exceptions when bankruptcy are based on medical reasons, and if you are selling a home at a hgiher price than what you are are wanting to purchase does that count. I have a steady job of 30 years and again, the home was never involved in the bankruptcy. it was continually paid each month without fail.

  89. Victoria Araj May 9, 2012 at 4:02 pm #

    Hi Judy, thanks for reaching out to us, I have forwarded your request to one of our home loan experts who will contact you soon to learn more about your situation and see if we can be of assistance. thanks

  90. kathy May 9, 2012 at 5:02 pm #

    Hi, I filed Chapter 7 in June 2009, discharged September 2009. I have three unsecured credit cards I have paid off every month. I purchased a house with a WRAP mortgage that has a ballon coming due in August. I have been remodeling and would hate to lose it, but I’m afraid to appply for a loan because if I get turned down I’m afraid it will negatively affect my credit. I’ve got to do something soon, because I have invested a lot of money and will lose it if I don’t. In the mean time, I got transferred but my (grown) kids are living in the house. Will that affect my ability to borrow. I go home about once a month. ?

  91. Victoria Araj May 9, 2012 at 5:12 pm #

    HI Kathy, I have forwarded your inquiry to one of our home loan experts who will contact you soon to find out more about your situation and see if we can be of assistance, thank you!

  92. Rebecca May 11, 2012 at 7:01 pm #

    My fiancé and I are interested in purchasing a home asap. I have a bankruptcy discharged 6-1-10 and my two year wait will be up in a few weeks. I have kept excellent credit since and my fiancé has always had great credit. Can you help us?

  93. Steven R May 15, 2012 at 2:55 pm #

    Hi,
    I filed chapter 7 in April 2010 due to a divorce and my job forcing me to move out of state. The bankruptcy was discharged in September 2010. I have been employed with the same company for 17 years and make very good money. I have several unsecured credit cards and a credit score of around 620. I have enough money saved for a 6% down payment + closing costs. When will I be eligible for a home loan?

    Thank you,
    Steven

  94. Clayton Closson May 18, 2012 at 1:57 pm #

    Hi Steven

    One of our mortgage bankers will get in touch with you shortly to find out how we can help you. thanks for contacting us!

    Clayton

  95. Alvin Tolliver May 20, 2012 at 10:52 am #

    i filled bankrupcty march 2010 chapter 7 due to divorce . i wish to buy a home in georgia price is 57,000 dollars i inquired to bank in georgia and applied VA told had to wait until October 2012 to re-apply because of VA rules. is there any way i can get help on financing before then?

  96. Shannon Martin May 21, 2012 at 1:49 pm #

    Hi, Alvin. Thanks for reaching out to Quicken Loans. I’ve passed your question on to one of our Home Loan Experts, and you’ll be contacted shortly.
    Have a great day!

  97. D May 23, 2012 at 1:13 pm #

    Chapter 7 bankruptcy discharged 3 months ago, current credit scores range from 632-650…looking to purchase a home. Time is of the essence as I currently have an opportunity to buy the house I have been renting for the past 3 years before it is put on the market.

  98. Shannon Martin May 24, 2012 at 8:52 am #

    Thanks for your question. I’ve passed it on to one of our Home Loan Experts who will be contacting you soon.

    Thanks again and have a great day.

  99. Tenny H May 27, 2012 at 1:32 am #

    My bankruptcy was discharged in July of 2010. I have a credit score of 663. I currently have been on my new job for only 3 months. My wife has been on hers for almost 2 years now, but her score is around 550. Do I have any chance of securing a home loan?

  100. Shannon Martin May 29, 2012 at 4:06 pm #

    Hi, Tenny. Thanks for reaching out to Quicken Loans. I’ve passed your question on to one of our Home Loan Experts, who will be in touch with you soon.
    Thanks again and have a great day!

  101. Fabian June 8, 2012 at 11:41 am #

    My Chapter 7 Bankruptcy was dismissed 1-1/2 years ago and I own my home free and clear; however, I would like to have a line a credit on the home for improvements. It is possible to obtain a line of credit with so much equity in the home?

  102. Victoria Araj June 8, 2012 at 12:27 pm #

    Hi Fabian, thanks for reaching out to Quicken Loans. Unfortunately, at this time, we do not offer home equity lines of credit. However, our offerings change regularly, so that may change in the future, but for now, we do not offer them.

  103. Alicia July 7, 2012 at 3:32 pm #

    My Chapter 7 is two years old. I don’t have spotless bill paying, but I do have a down payment and steady income (same place for almost 5 years). What are my chances of getting approved?

  104. Victoria Araj July 9, 2012 at 12:25 pm #

    Hi Alicia, thanks for reaching out to Quicken Loans, I’ve forwarded your inquiry to one of our home loan experts who will contact you and see if we can help!

  105. meeka morkert July 12, 2012 at 10:04 am #

    It been acouple months since discharged i have land for home, steady income. how do i get loan to buy home.first time home buyer.

  106. Victoria Araj July 12, 2012 at 10:28 am #

    Hi Meeka,

    To clarify, are you looking for a construction loan? Quicken Loans does not offer construction loans. We can only offer home loans on an existing home or refinance you out of your construction loan and into a conventional loan once the home is complete and you have a certificate of occupancy.

  107. Daniel Bazan July 15, 2012 at 2:58 pm #

    My wife and I filed bankrupcy due to our insurance company not paying for a surgery that she had. We own a home but have recently moved and want to buy a new home where we live. I have a buyer for my old house but have told them that they can’t officially buy it until we buy a new house because the mortgage being paid on time is a good mark on my credit score. I have a pretty good income and am looking to buy a house around january or february when my rental lease is up. I am just wondering what programs are available, what type of down payment that I will need, and what other contitions need to be met to get approved for a home loan a little more than a year after bankrupcy discharge. Also in february I will have been with my current employer for a year and I don’t think that should be an issue for steady income because I took this job and almost doubled my previos income. Thank you!!

  108. Victoria Araj July 16, 2012 at 10:26 am #

    Hi Daniel, I have forwarded your inquiry to one of our home loan experts who will contact you. Thanks!

  109. Barbara Thompson July 21, 2012 at 11:13 am #

    My husband and I are looking to purchase a home. We filed bancruptcy over a year ago and it was discharged one year ago today. Our credit scores are in the mid 6′s and rising. We just recently traded in our vehicle after one year to lease a new vehicle. We have no bad marks on our credit since our discharge. We make good money together and have steady income. Please let me know what we need to do to obtain a home loan or if it is even possible.

    Thank You

  110. Victoria Araj July 23, 2012 at 10:01 am #

    Hi Barbara, thanks for reaching out to Quicken Loans, I have forwarded your inquiry to one of our home loan experts who will contact you to find out more about your specific situation and see if we can be of assistance. Thanks!

  111. best credit cards deals July 29, 2012 at 6:10 pm #

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  112. Jackie Harrison August 3, 2012 at 8:26 pm #

    My bankruptcy was final about 3 months ago. The house I have been living in for the last three years on short sale, and I would like to purchase it. I have been at my current employment for 13 years and make a good wage. Is there any way I might qualify to purchase this home?

  113. Victoria Araj August 6, 2012 at 2:12 pm #

    Hi Jackie, I have forwarded your inquiry to one of our home loan experts who will contact you. Thank you for reaching out to Quicken Loans and have a great day.

  114. Nicole August 6, 2012 at 7:25 pm #

    My husband and I filed chapter 7 which was discharged 15 months ago. We would like to talk with someone to see if we would be able to qualify for a new mortgage to purchase a home. We are currently renting. Thank you.

  115. Victoria Araj August 6, 2012 at 7:28 pm #

    Hi Nicole, thanks for reaching out to us, I have shared your inquiry with one of our home loan experts who will contact you to soon to learn more about your situation and see if we can help. Have a great evening.

  116. Nicole August 6, 2012 at 7:35 pm #

    Sorry my comment posted twice, my computer was giving me issues. Thank you, Victoria, for your quick response. We look forward to speaking with someone.

  117. Mimi August 7, 2012 at 7:07 pm #

    Hello there, our bankruptcy was discharged in November of 2011. My spouse and myself both work and have a good income. We have 2 vehicles which one was paid off on Feb.2011 and the other will be paid off by the end of this year. We would love a buy a home in the $100,000 and below range and would like to know if we can quailfy for a home loan. Thanks

  118. Victoria Araj August 8, 2012 at 12:34 pm #

    Hi Mimi, thanks for reaching out to us, I have forwarded your request to one of our home loan experts who will contact you soon. Thanks.

  119. Renee August 11, 2012 at 4:00 pm #

    We filled bankruptcy in April of 2011. We were going through a remodification process at this time and the company that was handling our remodification recently informed us that they will no longer
    handle our remodification. The foreclosure process has not occurred yet. We have not make a house payment for a while due to the remodification process. Our mortgage lender has given us information on their modification procedure and they informed us that it most likely will not occur due to our income(its to high.) we have no auto or credit card payments but my credit score is 650. I was recently turned down for a home mortgage loan due to our bankruptcy. We have around 5000 in savings and that is climbing up each month. I was doing research and found a sub prime mortgage. Would you please give me more information on this and would we benefit going this route? We are at this time looking to purchase a home in the near future. Thank you for your time and I am looking forward to your response.

  120. Brigitte August 13, 2012 at 10:00 am #

    My name is Brigitte and my husband and I filed for chapter 7 Banruptcy. It was discharged on 09/30/2011. We both have secured jobs and have secured credit cards with on time payments. we do not have a downpayment. We would like to buy a house/ townhouse/condo. what are our chances and what lenders will approve a loan.

  121. Victoria Araj August 13, 2012 at 2:09 pm #

    Hi Renee,
    Thanks for reaching out to Quicken Loans. I have forwarded your inquiry to one of our home loan experts who will contact you soon to find out more about your situation. Thanks and have a great day.

  122. Victoria Araj August 13, 2012 at 2:10 pm #

    Hi Brigitte, thanks for contacting us, I have forwarded your inquiry to one of our home loan experts who will contact you.

  123. Fabian Lefler August 25, 2012 at 11:11 pm #

    My Chapter 7 Bankruptcy was dismissed 1-1/2 years ago and I own my home free and clear. Since a line of credit is impossible to get now a days, can I just get a mortgage against my equity in the home? I have no liens or mortgages against my home, so I would be getting, in essence, a new mortgage.

  124. Victoria Araj August 27, 2012 at 2:25 pm #

    Hi Fabian, I shared your inquiry with one of our home loan experts who will contact you soon, thanks and have a great day!

  125. KSK August 29, 2012 at 1:36 pm #

    I completed chapter 13 payment plan in May of 2012. I now have no debt except for a studen loan. I’ve been at the same company for 12 years and earn an above average yearly salary. Is it possible for me to get a home loan? (I’m also a fist time home-buyer)

  126. Victoria Araj August 29, 2012 at 4:54 pm #

    Hi Kevin, thanks for reaching out to Quicken Loans. I’ve shared your inquiry with one of our home loan experts who will contact you soon. Thanks and have a great day!

  127. Sean September 9, 2012 at 12:36 pm #

    Hello, I filed for bankruptcy in 2010 and was discharged in Feb 2011 so the “2-yr” recommended wait period for me will be this Feb. My new wife and I would like to try to buy a home around May, June or July. We are current on all monthly payments. As for a down payment, she owns her current home and would like to use the proceeds from the sale to use as the down payment. She has received info from a local lender that tells us it is basically hopeless, but I do not agree. Can you guys provide some advice?

  128. Wes G September 9, 2012 at 9:28 pm #

    My chapter 7 was discharged in Jan of this year. I have since then bought a car, had a secured loan, and a secured credit card that I have had perfect payments on for at least 6 months. I make great money and would love to get my 1st home and get out of renting. Is there any way I can qualify for a home loan???

  129. Victoria Araj September 10, 2012 at 2:37 pm #

    Hi Wes, thanks for reaching out to us. I’ve shared your inquiry with one of our home loan experts who will contact you soon. Thanks and have a great day!

  130. Victoria Araj September 10, 2012 at 2:38 pm #

    Hi Sean, I will have one of our home loan experts contact you to find out more about your situation and offer some tips! thanks and have a great day!

  131. Bill Mckelvey September 11, 2012 at 6:41 pm #

    my 13 is discharged and i have no late payments, business decision. my kids will gift to me a house worth 300 k, but it needs work about 100k. can i get a mortgage as i do not have on now and have no bills, make about 28,000 per year.

  132. Victoria Araj September 12, 2012 at 12:32 pm #

    HI Bill, I have forwarded your request to one of our home loan experts who will contact you to learn more about your situation, thanks!

  133. RMB September 18, 2012 at 4:45 pm #

    Hello,

    If one is in a Chapter 13, 3 years into the repayment plan, pays it off after 37 months… do those 3 years since filing count? Or would he have to wait 2 years after the discharge to qualify?

    Thanks,
    RMB

  134. Victoria Araj September 19, 2012 at 4:45 pm #

    Hi RMB, I’ve reached out to one of our home loan experts to contact you and answer your questions, thanks!

  135. Kevin September 21, 2012 at 8:42 pm #

    HI,

    We filed chapter 7 and it was finalized in February. We currently have 15 year loan with only 11 years left but the payment is too high. I would like to refinance and Wellsfargo wont modify my loan unless my wife leaves me, Im in the hospital or cant work.. I make a good income and I want to lower my payment. Is there anything you can do to help without paying an outrageous interest rate?

  136. Clayton Closson September 24, 2012 at 5:46 pm #

    Hi Kevin

    A Home Loan Expert will be contacting you to discuss your options. Thanks for the comment and good luck with your home financing.

    Clayton

  137. stacy October 1, 2012 at 10:56 pm #

    My wife and I filed chapter 7 bankruptcy that was discharged in Oct 2011. We both have credit scores above 620 and two credit cards a piece with minimum balances as well as a car payment which was reaffirmed with about a $1200 balance remaining. We have about 5% to put down on a home up to $150,000. Our combined income is approximately $105,000 per year which would give us a very good front and back end DTI ratio. Our challenges would be the BKO of course being a year old and our time on the jobs which would be a year for me and two months for my wife. I’m curious to know if you would have a fixed rate mortgage that we could possible qualify for. I welcome any advice or information you can provide.

    Best regards

    Eric and Stacy Scruggs

  138. Victoria Araj October 3, 2012 at 12:06 pm #

    Hi Stacy, one of our home loan experts sent you an email and it came back as undeliverable. Is there another email or phone number where we can contact you to see if we can be of assistance? Thanks! Victoria

  139. Prit October 7, 2012 at 10:13 am #

    Hi,

    I have just filed for chapter 7 bankruptcy. It was because of my father’s illness and ultimate passing which was followed by a lay off. I have always had a steady good job with good income. I want to buy a small condo and need a loan for about $ 30,000 with $ 10,000 down payment. I may be even able to pay it off in the next 6 months. Can I get help?

  140. Victoria Araj October 8, 2012 at 10:38 am #

    HI Prit, We would need 2 years to pass since the discharge of the bankruptcy. Please let me know if you have any other questions. Thank you for contacting us.

  141. Andy Perez October 13, 2012 at 10:16 pm #

    Hello, I filed chapter 13 and it was discharged in November of 2010. I do have a good income, and can give a down payment for a home. My credit score is still low and affected because of the bankruptcy, it is 565 now. Do I qualify for a loan, if so, how much?
    Thanks!

  142. Angie Hill November 18, 2012 at 2:00 am #

    I have a cleared bankruptcy from a couple of years ago. Bankruptcy was filed due to a bad car crash that kept me from working half a year and 3 children…..bills pile up considerably! I am definitely considering buying a house (first time home buyer) if possible after filing a bankruptcy! I just don’t know where to start! I have a steady income and pay bills on time and can come up with a down payment from my 401K! What’s the steps to all of this???

  143. Victoria Araj November 19, 2012 at 9:30 am #

    Hi Angie, thanks for reaching out to us, one of our home loan experts will contact you and give you more information and some tips as well. Have a great day!

  144. David November 28, 2012 at 12:56 am #

    My chapter 7 was discharged in October 2012. I have been in my house under a Land contract for two years. I have never been late on a payment. I have also kept both of cars an never missed a payment there either. I have a good job, and would like to refinance my land contract into a mortgage. A lot of what I have read says I have to wait 2 years to reestablish my credit, but more score is over 650. Is there anything I can do sooner than 2 years?

  145. Victoria Araj November 28, 2012 at 10:37 am #

    Hi David,
    One of our home loan experts will be contacting you soon to give you more insight into the process. Thanks for reaching out to us and have a great day.

  146. jennifer martinez December 18, 2012 at 9:33 pm #

    i filed chapter 7 back in 2005. i have a job and have been paying my bills on time. with a few doctor bills being late. next month my vehicle will be paid in full. i’m currently buying a modular on a land contract. i have a year left on my payments. i would like to save money for a down payment then sell my modular and use this money towards a down payment. would i be able to purchase a home for $75,000?

  147. Victoria Araj December 19, 2012 at 3:57 pm #

    Hi Jennifer, thanks for reaching out to us, I’m sharing your inquiry with one of our home loan experts who will contact you to see if we can be of assistance. Thanks.

  148. amber January 14, 2013 at 5:37 pm #

    I am fixing to go to court with chapter 7 bankruptcy i was told it would be discharged within 60 days. How long would you foresee it taking for me to get a home loan with a coborrower that has a credit score of 750

  149. Victoria Araj January 14, 2013 at 6:19 pm #

    Hi Amber, thank you for contacting us. I have shared your inquiry with one of our home loan experts who will contact you.

  150. Chris January 16, 2013 at 9:24 pm #

    My chapter 7 was discharged December 2011, I have been renting for the past 6 years and have also paid my rent one time I also have a car payment which as been on time for the last 3 years. I have been at my current job for almost 5 years. I looking to buy my frist house. What do I need to do.

  151. Victoria Araj January 17, 2013 at 10:35 am #

    Hi Chris, thanks for reaching out to us. I will have one of our home loan experts contact you soon.

  152. Joanne January 25, 2013 at 12:29 am #

    I have my scenario:

    what chance do I have with my employment history in obtaining a loan?

    ratios will look very good with my new income –base income only– I won’t be living on any incentive pay–that all goes into savings and I don’t want to include that as income

    let me know–I’d like to apply April 1.2013 if you think i can do this loan

    thanks for any input–

    Joanne

  153. Victoria Araj January 25, 2013 at 12:42 pm #

    Hi Joanne, thanks for reaching out to us, I have shared your inquiry with one of our home loan experts who will contact you to learn more about your situation and see if we can be of assistance.

  154. codey p January 28, 2013 at 11:52 am #

    I am now a year out of my chapter 7 but was just told I would have to wait another 2years to even apply for a home loan. Can you help.?

  155. Victoria Araj January 29, 2013 at 3:25 pm #

    Hi Codey, thanks for reaching out to Quicken Loans. I shared your inquiry with one of our home loan experts and they will contact you.

  156. Tim February 12, 2013 at 9:58 am #

    We just filed for chapter 7 and the home was included into the chapter 7. We are still making payments on it and have never been behind. In 2 years we are hoping to move to another area for better schools. If we rebuild are credit in the next 2 years will we be eligabile or because of the home being included in the chapter 7 are we out of luck for the next 3 years?

  157. Victoria Araj February 12, 2013 at 10:34 am #

    Hi Tim, thanks for contacting us. I’m sharing your inquiry with one of our home loan experts who will reach out to you and better answer your questions and give you some tips.

  158. Jonathan February 20, 2013 at 1:10 pm #

    I filled bankruptcy and surrendered my home in 2011, after losing my job in florida in 09. Moved to tn for work and tried renting home out but it went bad and could not afford it anymore.I’m trying to start over and get into a home. When I checked to see if the deed of the old home was in my name it was still there. Can I still get a home loan or what do I need to do I’m lost and need help. I have on time rent for two years.

  159. Victoria Araj February 20, 2013 at 1:33 pm #

    Hi Jonathan, thanks for contacting Quicken Loans. I have shared your inquiry with one of our home loan experts who will reach out to you soon. Thanks.

  160. Noreen R February 20, 2013 at 3:32 pm #

    I’m 3 yrs out of a chapter 7….I’ve had stellar credit since…have an excellent income and employment history….but was informed I cannot apply for an FHA loan until April…because my previous house didn’t get foreclosed on…until 8 months after my chap 7 was discharged and my home was included in it…..I’ve found a home I love for cheap…I’m afraid it’ll get sold!

  161. Victoria Araj February 20, 2013 at 7:01 pm #

    Hi Noreen, thanks for contacting Quicken Loans. I have shared your inquiry with one of our home loan experts who will reach out to you soon to learn more about your situation. Thank you.

  162. Chad Capson March 16, 2013 at 2:42 am #

    I am also 3 and 1/2 years out of a Bankruptcy; I included my FHA backed mortgage in the bankruptcy. i also had my home foreclosed on. The foreclosure date was 02/22/2010. FHA did not pay the insurance for another 9 months. Unfortunately I did not know about CAIVRS and that I can call them and find out about open claims. Articles and experts never talked about CAIVRS for FHA loans. The mortgage “experts” I used never even checked CAIVRS before pre-qualifying us. If it’s not one thing its another. And people wonder why housing has not rebounded. People like me earning 90k+ a year don’t qualify. Rent is easily two or three times a mortgage in my area for half the rental. It would be great to read articles about FHA’s and the system for getting loans backed by the federal government like CAIVRS so that informed consumers such as myself could get the information we need to make good decisions without finding homes we love but not be able to buy them.

  163. David Franklin March 21, 2013 at 5:24 pm #

    I had to file chapter 7 as well. I was wondering if I have any options for buying a home. My bankruptcy was discharged on July 26 2011. I see many people saying you have to wait 2 years. Is that true?

  164. Danny April 8, 2013 at 9:44 am #

    I had a chapter 7 that was discharged 10/2008. I am 62 and on disability. I receive 1,867.00 a month.. Could i qualify for a loan without a down payment?

  165. Kristin April 28, 2013 at 3:05 pm #

    I had a chapter 7 in 06/2011. My ex and I had split and I had no clue he wasnt paying for the vehicles we had until it was too late. I had no choice but to file the bankruptcy. I have four children and would like to try to buy a home soon but I dont know if I can do this. I bought my 2012 vehicle upright and owe nothing on it. I am a registered nurse and just switched jobs in January because of a better opportunity but I have had a steady job for three years since graduating. My current credit score is 640 but I dont know if that is high enough. I got three credit cards since the bankruptcy and have a balance of debt owed of 250 dollars on around 2500 dollars of credit. I will pay all of this off before I try to get the loan. Could I qualify for a loan though with quicken loans or anyone else? My only debt I owe are student loans and I pay 465 a month on them. Thanks

  166. Victoria Araj April 29, 2013 at 10:40 am #

    Hi Kristin,
    Thanks for contacting us. I have shared your inquiry with one of our home loan experts who will contact you and see if we may be of assistance. Thanks and have a great day!

  167. Rosalva j Moulton May 3, 2013 at 7:19 pm #

    alot of americans have had ID theft and forgery 13 credit cards ,Traverls checks stole filed bankruptcy a month a go would like to purchase cabin in wrightwood 70 to 90 for home. hope you can help us. thank you

  168. Victoria Araj May 3, 2013 at 7:26 pm #

    Hi Rosalva, thanks for contacting Quicken Loans. One of our home loan experts will contact you to learn more about your situation.

  169. Amanda May 4, 2013 at 11:53 pm #

    I am short 4mo of the 2yr mark after chapter 7 bankruptcy. Is it a set in stone requirement your company has for the 2yr mark, or is the possibility of getting a loan sooner an option? Credit score 680. Have auto loan and a credit card that has been paid on time every month since discharge.

  170. Jeff May 12, 2013 at 8:52 pm #

    I filed for chapter 13 in January 2013 because of a divorce.My house and car was not included in the bankruptcy and I need to refinance my house to get my ex off the deed. I have been paying the mortgage and car payments on time,and i have been at my job for 25 years and i am willing to get a part time job if that helps with getting a loan.Is refinancing a possibility for me?

  171. CORETTA May 21, 2013 at 12:30 am #

    I am living in a home that is rent to own. I know longer want to stay there because our house was broken into.The robber(s) took my DL and social security card along with TVs, Wii, vacuum cleaner, and a number of other stuff. They got an apartment in my name and ran up a lot of debt. They even filed taxes under my name. I filled Ch. 7 in February 2013 and I have meet with the judge in April. How long should I wait to try to purchase a home? I will loose the money set aside for the down payment from the house I’m in if I move.

  172. Keith Guyot May 21, 2013 at 9:12 am #

    Coretta,

    We are very sorry to hear about your home being broken into. Having your things stolen is a scary and frustrating experience. One of our experts should be in contact with you soon to address your question about purchasing a home. We hope everything turns out well for you! Thanks for reading.

  173. Steve June 2, 2013 at 12:48 am #

    My wife had a stroke just over 5 years ago now and has been 100% disabled ever since. I managed to keep up on our bills for about 4 yrs, but finally had to file chapter 7, which discharged in August 2012. Shortly after the ch 7 was discharged, I purchased an automobile with a low interest rate and acquired 2 secured credit cards… I always pay extra on the auto loan and pay off the credit cards each month. I have been with my current employer for 15 years this year. We have never owned a home before, but due to my wife’s disabilities, I have become very interested in purchasing a home so that I can make simple modifications to make her life better and more accessible. I have seen several manufactured homes with acreage that seem to be outstanding options, yet I am hesitant at this time to seek to purchase because of the recent bk and not wanting to be turned down or humiliated by a high interest rate offer. Are there any options available to me at this time that might help us acquire a home without missing out on some great prices and opportunities?

  174. Victoria Araj June 3, 2013 at 12:23 am #

    Hi Steve, thanks for contacting Quicken Loans, I’ve shared your inquiry with one of our home loan experts who will contact you and see if we may be of assistance.

  175. Darcy June 3, 2013 at 1:32 am #

    I was discharged in my bankruptcy oct 2012, I have read quite a few stories on this
    Page, should I wait another year to purchase a home. This would be my first time, it just
    Seems like now a days buying is better than renting. My question is it will be a year in
    October discharged, I have a 600 credit score & paid all my bills on time, will be a waste to
    Apply? Should I just wait till my 2 year mark?

  176. Philip June 4, 2013 at 11:49 am #

    My wife and I closed on a chapter 7 in December 2011. We have rebuilt our credit as much as possible and now sit with 605 and 655. I found a home that we are very motivated to buy which is a once in a lifetime opportunity. I have approximately 10 to 20K down payment. Our household income is now around 60-80K per year off of my income alone. We are currently renting for 1k per month and would really love to mnake our money count better. I have been at my job over 5 years now.

    Please help!
    Thanks
    Philip

  177. Victoria Araj June 4, 2013 at 1:56 pm #

    Hi Philip, thanks for contacting Quicken Loans, I’ve shared your mortgage inquiry with one of our home loan experts who will reach out to you. Thanks!

  178. Ellen Brown June 7, 2013 at 8:27 pm #

    This request is about refinancing our home after bankruptcy.
    Last year, we were solicited by Wells Fargo (our current lender) and we applied for a HARP Program.
    Due to my husband’s serious medical issues, we were forced to file a Chapter 7 Bankruptcy a couple of years ago. We continued to make our mortgage payment each month and have never been delinquent.
    Wells Fargo Home submitted our loan package to HARP, however, on October 5, 2012, we were advised that according to their policy, Wells Fargo requires us to re-open our bankruptcy case and re-affirm our mortgage debt or they would suspend our application.
    To re-open our closed bankruptcy case we would endure significant hardship, such as attorney fees and court costs. And per our attorney, we would also run the risk of other discharged creditors requiring that we reaffirm their debts. We have rejected Wells Fargo’s effort to force us to re-affirm our mortgage debt with them.

    My income is from social security and a monthly pension. My husband is on permanent disability retirement. With our incomes we can afford reasonable mortgage payments. In 3 years we will have to begin paying principle and interest on our current interest only “upside down” loan. We have rebuilt our credit history over the last 2 years.
    The HARP Program could provide my family with an affordable mortgage and better quality of life. We’ve owned and lived in our home for almost 35 years. We have a Freddie Mac loan and it appears that we would qualify for the HARP Program, but Wells Fargo refuses to provide the assistance that we need.

    We are asking for a referral to a HARP lender that can continue processing our application.

  179. Duane Hunt June 10, 2013 at 2:18 pm #

    Can you please tell me what loan companies can help me decide if I am able to purchase a home or at least able to tell me what I need to do to be able to purchase a home.

    Duane Hunt

  180. Victoria Araj June 10, 2013 at 4:04 pm #

    Hi Duane, thanks for contacting Quicken Loans. We can certainly contact you and see if we may be of assistance. I’ve shared your inquiry with one of our home loan experts who will reach out to you and learn more about your specific situation. Thanks and have a great day!

  181. Victoria Stevens June 11, 2013 at 1:35 pm #

    I filed chapter 7 18 months ago. My house is about to be foreclosed on and I’m looking for a new house to buy. I have one in mind. I have a down payment but I can’t get anyone to approve a loan because of these circumstances. I’ve applied five times for the Making Home Affordable plan and I get a runaround from them. I just want a pre approval so I’m able to purchase the house I want. I’m not too concerned about interest rates at the present time because I’ll refinance if I find a better deal.

  182. ronele June 14, 2013 at 12:19 am #

    Hello,
    My husband and I arelooking for information on pursuing a home after bankruptcy.can you help us?
    Thank you.

  183. scott June 29, 2013 at 2:43 pm #

    I had to file bankruptcy in Sept of 2010 because of my divorce which included the marital home. I have since remarried. I make $85,000/year and have been at this job for 18 years. My wife has been at this current hospital for a year(left another hospital to go to this one) and makes $50,000 a year. My wife’s credit is excellent and mine is hovering around 700(one over 700 and the other two just under), but of course I have the bankruptcy on it. I continue to build back up my credit(car loan, 2 credit cards) and we currently have around $20,000 in the bank. We have 11 more months left on our rental. How does it look for us to get a mortgage when our rental is up in 11 months? Our credit cards are payed in full every month(no balances) and the only debt we have are my wife’s student loans.

  184. ellen June 30, 2013 at 11:54 am #

    Hi, I filed Chapter 13 in 2011, converted to chapter 7 and it was recently discharged, I was forced to file bankruptcy as a result of the BP oil spill, I was wondering how long it would be before I could buy a house.

  185. brad July 3, 2013 at 2:11 pm #

    Hi,
    About 2 years ago my wife and I went through a rough time and ended up splitting up. We have since gotten back together. But while we were split up bills piled up and were forced to file a chapter 13 bankruptcy. So my question is, will we be able to obtain a mortgage with this chapter 13?

  186. Victoria Araj July 3, 2013 at 5:59 pm #

    Hi Brad, thank you for contacting Quicken Loans. I have shared your inquiry with one of our home loan experts who will contact you to learn more about your situation. Thanks, and have a great holiday weekend!

  187. Scott July 4, 2013 at 7:08 am #

    I am Scott that left a question on June 29th(above) and did not receive an answer. How come?

  188. Keith Guyot July 4, 2013 at 9:25 am #

    Hi Scott! We are very sorry about forgetting to reply to your previous comment. It had some very specific information in it and we wanted to give you the best answer we could so we forwarded your question to our Home Loan Experts. They should be in touch with you soon. Have a good Fourth of July, Scott!

  189. Jeff July 6, 2013 at 9:18 pm #

    hello i was discharged from chaptor 7 last july how long should wait to apply for a new home i never owned a house i pay bills on time i have no car loan or loans, i just pay bills on time hope u can give me some advice

  190. Keith Guyot July 8, 2013 at 8:31 am #

    Hi Jeff! We have forwarded your question to our Home Loan Experts. They should be able to help you out very soon. Thanks for reading!

  191. Carolina July 14, 2013 at 5:41 pm #

    Need info on a mortgage. I’m filing for bankruptcy and want to buy a house as soon as my credit score goes up. I need to know what my options are since it will be my first time buying a home. Please I need some information since everyone’s situation is different!

  192. Keith Guyot July 15, 2013 at 10:28 am #

    Hi Carolina! That’s true. Everyone’s situation is unique. We’ve forwarded your information to our Home Loan Experts and they should be able to help you with your unique situation soon. Thanks for reading!

  193. Dan Little July 17, 2013 at 9:04 am #

    hello i need info on a home loan. my wife and i just had our chapter 7 finalized june 26th of 2013. i was wondering if i could get a home loan. currently we have been renting from the same place for 5 years.

  194. Keith Guyot July 17, 2013 at 10:05 am #

    Hey Dan, we’ve forwarded your question to our Home Loan Experts. They should be in touch shortly! Thanks for reading!

  195. Nancy Roseman July 18, 2013 at 5:00 pm #

    I just was discharged from a bankruptcy I have a three year history on paying my rent on time and keep my 2007 Dodge Ram during from the bankruptcy and have paid it off a few weeks ago. I do not have any credit How do I go about repairing credit where I can purchase a house. My husband and I make 80K a year now and are both in management in our respective companies

  196. Keith Guyot July 18, 2013 at 5:27 pm #

    Hi Nancy! I highly suggest visiting Quizzle.com for information on your credit and ways to boost it. Thanks for reading!

  197. Mary July 23, 2013 at 10:23 am #

    I was forced into filing Chapter 7 by my ex-husband and it was discharged 05/12. My ex got the house in the divorce settlement and was to sell it or auction it off to get me name off of it. Long story short he didn’t and the house went into foreclosure. Since I was not the primary name on the loan I could do nothing and it was cheaper to declare bankruptcy then to take him to court for contempt. I have been renting for 4.5 years with no missed or late payments, 2 credit cards with $0 balance and no other debt than utilities. Prior to bankruptcy I had paid all debt that I owed in the divorce with the exception of $2000 and the house. Would I still have to wait to get a mortgage?

  198. Keith Guyot July 23, 2013 at 10:37 am #

    Hi Mary! We’re sorry to hear about the difficulties that you’ve had with filing the Chapter 7 and the divorce. We’ve forwarded your question to our Home Loan Experts. They should be in touch soon to help you out with any questions that you may have. Thanks for reading!

  199. BQN July 29, 2013 at 10:50 pm #

    Hi,
    I’m 3 months away from meeting the 24-month post-bankruptcy requirement and wondering if there’s any lender who’s not too harsh on his 24-month requirement and willing to talk to me regarding some options for financing a mobile home.
    I’ve established a couple credit cards and also an auto loan since my bankruptcy discharge in November 2011 and have been continuing to build my credit solidly. I do have a decent income making 120K/year as an engineer.

    Your advice are greatly appreciated.

    Thank you and sincerely,
    Bqn

  200. Mr. C August 2, 2013 at 2:00 am #

    I filed Chap. 13 bankruptcy 9 months ago to save my home from the foreclosure process. Me and my wife split and mortgage and bills mounted and I went 10 months without making mortgage payments before filing bankruptcy. Currently, my credit is horrible and I’m working on modifying my mortgage payments. I would like to see if I qualify for any loan assistance.

  201. Keith Guyot August 2, 2013 at 8:53 am #

    Mr. C, we’ve forwarded your concerns to our Home Loan Experts. They should be in touch with you soon. Thanks for reading!

  202. jennell anthony August 29, 2013 at 7:28 pm #

    jennell

    i filed chapter 7 October 2009, which was discharged march 2010,also i have had 2 homes that i also had to put in chapter 7 due to a nasty divorce. but now i have been at my job for 4 years and had to relocated to another state also due to a divorce. now i am ready to purchase another home and wondering is there any finance company will take another chance on helping me again

  203. Keith Guyot August 29, 2013 at 9:35 pm #

    Hi Jennell! Divorce and filing for Chapter 7 can be very stressful. I’ve sent your situation to our Home Loan Experts so they can answer any questions you might have. Thanks for reading!

  204. Gerald September 11, 2013 at 5:33 pm #

    We are in the middle of our chapter 7 bankruptcy. We never owned a home and our debt was mostly cars and doctor bills. We spent the last year trying to work ourselves out of debt but after seeking financial counselling we were told it wasn’t looking good as to catching up anytime soon. Over the last year of trying to catch up we researched many things we needed to do to be financially secure including laying out our budget. I have been in a very secure job for 3 years now and my wife just landed a good part time job. Our income will be around $55,000 a year plus benefits. We will be seeking a credit card to start building our credit back up but I refuse to buy a new car because I don’t want the debt. We can get by with 2 modest used cars that I can fix myself. My question is what is the minimum amount of time we should go after the discharge of the BK before we apply for a small home loan. Our dream home is a small fixer upper we can call our own and we have found some nice houses in our area for $50,000.

  205. R Clary September 19, 2013 at 10:02 pm #

    I am 2 yrs and 8 months into my BK13. Last Jan 2013 I was pre-qual for home purchase – house didn’t appraise – I didn’t get the house. In trying to qualify outside of the FHA I went to another lender to seek conventional for this house having invested money in it already didn’t want it to fail. This lender said no and gave me great concern for my credit score and since that time – 4 or 5 months now I’ve been working on getting two Credit Card Accounts ($478 & $79) that were caught up in the BK 13 (sudden last minute decision – wages were garnished because of back taxes IRS when unemployed in CA early 2001, etc.) This is so old that when the BK 13 is completed, the balance with the filed liens will be satisfied and it’s supposed to be wiped out. Anyway these two banks keep reporting past due on my credit reports, so I’ve been working on getting that fixed. First of all – I have not had a past due anything in over five years. I have a good steady income for over 5 years at same the company and I have a car and two credit cards that I pay outside the BK 13. The problem I’m having trouble with is that the two credit cards were never late and used to reflect that on credit reports. When I filed BK13 all my credit cards were closed of course except for one – which I’ve kept. So these two accounts keep reporting PAST DUE AND BALANCES. When I started disputing this, they got ugly and began to alter my payment history — I’m still fighting it. I have gotten TransUnion to zero this out. Equifax zeroed out one of the accts but also zeroed out my credit limit – and left one still past due. And Experian – I filed a complaint with CFPB and I’m NOT done with them yet. I’ve recently ordered back billing statements from both banks and I’ve downloaded my past bank statements to prove these were never in collections and never past due. I also have saved past credit reports at the time I filed BK 13 to prove they were in good standing when I filed BK13. Reporting past due is holding my credit score hostage. Reporting the account in collections is in direct violation of the BK 13 laws. Believe it or not Attorneys don’t want to touch it because there is not enough case law written ????? I will take it to the Atty General of Tx if I have. I just want it fixed. But back to buy a house. I lost $1700. on the house that didn’t appraise through Coldwell Banker and can’t afford to go there again. I won’t let anyone check my credit score until I get full compliance right now but I want to buy – it’s been eight months. I know that what I see on myfico.com is not what the Lender sees as if we don’t have enought hoops to jump through. So what say you QL?

  206. Keith Guyot September 20, 2013 at 9:41 am #

    R Clary, we’re sorry to hear about all the struggles that you’ve been having with your credit reporting. Dealing with that can be very stressful. I’ve sent your question to our Home Loan Experts who should be in touch with you shortly. Thanks for reading!

  207. Daniel Hughes September 28, 2013 at 6:01 pm #

    i had a business with my wife that went under. We filed bankruptcy, turned in the keys to one auto and our house to the bank, and ended up getting divorced.
    I have been renting for the past two years. A neighbor has approached me to buy a house she has for under $60,000.The house would need a little fixing up to move in, which I could do myself for little money ($1,000 to $2,000)
    My current rent is $750 however I have no savings for a down payment or to fix up the house.
    Is it possible to get a loan to fix the house and move in?

  208. Tamara T September 28, 2013 at 8:07 pm #

    Hello, my credit wasn’t bad and now I believe it is. I have medical bills that I can not pay I simply don’t have the extra cash to do so. I have a car but I don’t want to file on it. As of right now I want a house but I can’t because of my credit. I have been told if I can pay 685.00 in rent for an apartment I can pay for a house, that is true but my credit is stopping me from getting a home. What type of bankruptcy do I file. I have gotten letters from attorney’s telling me I should file bankruptcy before my wages are garnished, at this point I am scared and not sure what to do. Can someone give me some honest advise.

  209. Keith Guyot September 29, 2013 at 8:01 pm #

    Hi Daniel! We’ve forwarded your question to our Home Loan Experts. They should be in touch with you soon! Thanks for reading.

  210. Keith Guyot September 29, 2013 at 8:03 pm #

    Hi Tamara! We’ve forwarded your concerns to some experts who should be able to provide some insight into your issue. They should be in touch soon! Thanks for reading!

  211. Chriatina Smith October 8, 2013 at 1:53 pm #

    i have a chapter 13 discharged Sep. 2012, my husband almost filed in 2009 but didnt go through with it his credit shows a bankruptcy demised. We are being told we still can not get a home loan. Do i go on an internet search and find a lender?

  212. Keith Guyot October 8, 2013 at 5:09 pm #

    Hi Chriatina! We’ve forwarded your question to our Home Loan Experts who should be able to offer you some insight into your question. Thanks for reading!

  213. Kristen December 15, 2013 at 12:08 pm #

    Hi there! My chapter 7 bankruptcy was just discharged ~2 months ago. Following my divorce, it took me a little while to get back on my feet and figure out how to be a single mom. We’re doing well now… I’ve been employed at the same company for 8 years… Just took out an auto loan and a small credit card to help rebuild my credit. I have very little to no down payment available but could easily afford a mortgage and would prefer it to renting. How soon might I be eligible for a loan without a significant down payment following a bankruptcy? Thanks!

  214. Keith Guyot December 16, 2013 at 9:01 am #

    Hi Kristen! We’ve forwarded your question to our Home Loan Experts who should be in touch with you soon! Thanks for reading!

  215. Daniela E December 30, 2013 at 9:41 pm #

    Hi, I filed bankruptcy 26 May 11 and it was discharged 8/29/11, the house I currently still reside in was included in Bankruptcy and we were able to live in the home even though the loan wasn’t reaffirmed, as long as we continued to make regular monthly payments, the bank never said anything nor kick us out. However we stopped paying and started saving to put towards a newer and better value home since around march. I just recently and mistaken tried applying for a conventional loan via USAA Federal savings bank and was turned down due to how recent the bankruptcy has been. So now, the current home we have stopped paying on will be refer to an attorney. So what to do now, need a new home loan. Credit score at around 670, I have two credit cards, 2 store cards and a car loan which was obtained through credit union less than 3 months after bankruptcy was discharged, and everything is current with no past dues.

  216. wade January 1, 2014 at 11:50 am #

    I filed bankruptcy back in 2008. It has within the last couple of months been discharged ( I believe is the correct terminology for being paid in full). I figured I would have to wait awhile before getting a home loan. I have recently found a foreclosed home going up for auction with a starting bid of $25k and the home is valued around $240k. I’m certain it will go for more than starting bid but not much higher due to our area out in the country. Between my wife and I our income is roughly 65k and we have no debt. What do you think our chances are? Thanks for your time.

  217. Vicky January 5, 2014 at 4:10 pm #

    Hi. My husband and I filed chapter 7 a little over eight years ago due to 2 job lay-off’s. Our excellent credit took a terrible hit as anyone’s does who is forced to make that decision.
    We have since recovered for the most part, except still not having replaced the 401k that was used during the layoffs.
    My credit score is between 705-720. I get a quarterly report to monitor the status and make sure it is going up. We have been renting ever since we filed – we foreclosed too, had to move.
    At any rate, we have had an excellent payment history ever since. We have credit established in my name and in my husband’s name – all accounts are usually paid off each month, with no balances carried over. Once in a while a small balance will be allowed to carry because I heard that was good for your credit. We have some savings and a checking account.
    My main question now that you have all the background info is… We would really like to purchase a house, but need to know if we need to wait another two years? We would love to move now, and maybe refinance in a couple of years if we could. We don’t have 20% to put down. Could we qualify for any loan that would allow us to buy a home?
    Our current rent is about $1200. We would not like to go over that for our new house payment.
    Thanks in advance for your help. accounts are usually paid off each month, with no balances carried over. Once in a while a small balance will be allowed to carry because I heard that was good for your credit. We have some savings and a checking account.
    My main question now that you have all the background info is… We would really like to purchase a house, but need to know if we need to wait another two years? We would love to move now, and maybe refinance in a couple of years if we could. We don’t have 20% to put down. Could we qualify for any loan that would allow us to buy a home?
    Our current rent is about $1200. We would not like to go over that for our new house payment.
    Thanks in advance for your help.

  218. Keith Guyot January 6, 2014 at 9:17 am #

    Hi Vicky! Thanks for such an in-depth question. To best help you out, I’ve forward your information to our Home Loan Experts who should be in touch with you soon.

    Thanks for reading!

  219. james rowland January 17, 2014 at 2:48 pm #

    please contact have down payment and just got discharged chap 7 have a great job .

  220. Keith Guyot January 17, 2014 at 2:50 pm #

    Hi James,

    I’ve forwarded your info to our Home Loan Experts who should be in touch with you soon!

    Have a good weekend!

  221. william thorpe February 26, 2014 at 11:54 pm #

    i have been trying to get a loan for a house and almost ever lender has told me I have to wait 2 yrs after chapter 13 bankruptcy for an fha loan which is not correct I call the fha resource center and this is what the emailed me

    Forwarded by: FHA Resource Center (Answers@hud.gov)

    QUESTION:
    How does a bankruptcy affect a borrower’s eligibility for an FHA mortgage?

    CATEGORY: Credit Underwriting
    SUB-CATEGORY: Credit History/Credit Report

    ANSWER:

    A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner.
    Additionally, the lender must document that the borrower’s current situation indicates that the events that led to the bankruptcy are not likely to recur.

    A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.

    Handbook 4155.1: 4.C.2.g-h
    http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh

    REFERENCE
    Handbook 4155.1: 4.C.2.g-h
    there number is 800-225-5342

  222. Carol R. March 9, 2014 at 6:35 pm #

    My husband and I filed Chapter 7 and were discharged end of June, 2013. All of our income was “exempt” income in bankruptcy. Our home ($462,000 purchase price) was surrendered in it. It was suppose to have been our place to live through our retirement years. We had paid cash for over $40,000 for deck/cage/additional upgrades after closing plus a lot of $$ in repairs not covered by builder in 2nd year of ownership after closing. An investor took the home via “Quit Claim” in Oct. 2013 with no disclosures needed or wanted and filed the Quit Claim with the county. The bank looks to foreclose on note in June, 2014. We are retired with annual income over $100,000, 2 car payments kept through bankruptcy (never late) (one car will be sold this fall) and have one credit card paid off with each billing (never late). Our credit prior to bankruptcy was in upper 700′s-800′s. Current credit scores just under 700; hoping to have them over 700 by end of year 2014.The cause of the bankruptcy was due to the 2 yr. old home we had that had severe electrical problems, burning out computers and appliances and lights wouldn’t stay on but builder refused to do anything about electrical. We were preparing to have electrical redone when we received letter (which we have) that the product used in tying our roof to foundation and tying other parts of structure together was defective. We were told by the company who supplied the product to the builder the house not safe to live in during storms with high winds (located in Florida). The builder was notified about the delivery of the defective product 2 months before starting on our house. Builder refused to talk with us. Our realtor told us we would never be able to sell or rent the house and referred us to an attorney. The attorney told us a law suit against the builder would take years and lots of $$ and he recommended it was best to get out of house through bankruptcy as living in it was not an option and continued payments on house we couldn’t live in not an option. He got us through with surrender of the house. In all our years of excellent credit, we never dreamed of being in such a situation. We are renting and throwing our money away and would love to qualify for FHA loan end of this year if possible with min. down. We are trying to learn if there is any possibility of this considering the situation leading to the bankruptcy? Thanking you for any information that would help us in decisions about renewal period of our lease end of May.

  223. Keith Guyot March 10, 2014 at 10:26 am #

    Hi Carol!

    I’ve forwarded your information and questions to our Home Loan Experts who should be in touch with you soon.

    Have a great week!

  224. Alicia D. March 10, 2014 at 9:34 pm #

    My husband and I filed chapter 7 bankruptcy that was finalized on Jan. 5, 2012. We have paid all of our bills on time and even paid off our truck during our bankruptcy. My husband lost both of his jobs leaving me the primary bread winner and we just could make it on my salary. He was unemployed for 8 months and by then it was to late to salvage our home. We were pushed into a corner by the credit agencies and our only alternative was to file bankruptcy. It absolutely killed me, because I should be able to pay my bills. I was told after 2 years we would be able to purchase a mobile home, but now no one will work with us. They are now saying that it has to be 3 years before we can qualify. We have been renting a home for the last 4+ years and have managed to pay our land off while doing so through a family member, which doesn’t appear on our credit. We are eager to move onto our property. We do not wish to use our land as collateral as we are only living in a mobile home until our house is complete and then we will sell the home. I will welcome any advice.

  225. Kimberly March 12, 2014 at 12:26 am #

    We were discharged on a chapter 7 in Nov 2013. I am very interested in being pushed the right direction and stop pissing away my money on rent with so many empty houses in foreclosure status you would think they would make it easier to purchase for someone with little to no debt now. I have a very small down payment and am looking for a home loan around 145k to keep the payments reasonable. Would prefer some bare land we can put a newer manufactured home on. Please help.. desperate to own a home

  226. Keith Guyot March 12, 2014 at 9:58 am #

    Hi Kimberly!

    I’ve forwarded your information to our Home Loan Experts who should be in touch with you soon.

    Thanks for reading!

  227. Rob March 22, 2014 at 10:33 pm #

    My wife and I were discharged in Dec.13. We managed to keep 2 vehicles during the process. We have been making our landlord rich for the last 6 years. We have started the rebuilding stage and we both work full time and have been on our jobs for a long period. We have 15k in 401k to use as down pmt. Is it possible to get financed sooner than 2 years. We have found a property that is listed for 71K on 2 acres and a 4 bdrm house. Any input is welcome.

  228. Charles March 24, 2014 at 2:01 am #

    Hello me and my wife has been discharged from are chapter 7 since July 2013 in Nov 2013 we got a car thru are local bank and credit cards we only been late one time on the credit card but we have paid them off..we lost are rental home in a fire we have no insurance on are property and by the grace of God and the community we have money in a saving and cloths on are back..we tried to get are local bank to help with a home loan but they want us to wait until we paid at less a year on the car then come talk to them were not renting we’re staying with my mother could you give us some advice of what should we do ?

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