1. Home
  2. Blog
  3. Home Buying, Home Buying/Selling
  4. 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.

Have any questions? Talk to a Home Loan Expert today!

Related Info

Related Posts

This Post Has 316 Comments

  1. I am lost because I though my home was still consider mine after my Ch7 bankrutcy. After talking to the mortgage co (WellsFargo) they are apart of my 2016 discharge. I am not obligate to make payment but they can retrieve the property. Quicken was ready to do a refin in 2018. I have invested alot of my income to remodel room 4room. Please help me?

    1. Hi Joyce:

      I’m going to recommend you reach out to one of our Home Loan Experts about this at 888-980-6716. They may be able to give you more advice. You should also consult a bankruptcy attorney and go from there.

  2. I have been discard from bankruptcy for over 12 months, can I qualify for a mortgage loan? The bankruptcy was a chapter 7 in the state of GA.

  3. Our Ch7 discharged in late August 2015. Our scores are back into the high 600’s and low 700’s depending on who you ask. All on-time payments with new auto loan and unsecured high-limit cards. We also have 20% down. We would like to move out of state before the new school year begins, which is likely just shy of the 24 month minimum. At what point can we BEGIN the mortgage loan process with Quicken to ensure that we are able to move prior to or exactly at the 24 month mark?

    1. Hi Jim:

      Unfortunately, FHA requires that you not apply until two years after the discharge. However, we may have an option to help you after a year. I’m going to recommend you talk to a home loan expert by filling out this form or calling 888-728-4702.

  4. I filed a Ch. 13 BK and my wife has filed for a Ch.7 bankruptcy. We currently have a house that we have been living in for almost two years now. We would like to move to another state. How hard would it be get a loan for another house? (we would be selling the house we currently live in now) Keep in mind both BK have been recently filed.

    Answers would be greatly appreciated. thanks

    1. Hi Kevin:

      Unfortunately, the soonest we could help you with any kind of loan would be one year after the discharge of the bankruptcy. You would have an FHA option after one year, but your wife would have to wait two years. I wish I could give you a different answer.

      Kevin Graham

  5. Hi,

    I did chapter 7 bankruptcy on Dec 31, 2014 and got discharged on May, 2015. Currently my credit score is 700,699,697 (transunion, equifax, experian) with 3 unsecured credit card where I don’t have any debt. I use occasionally those cards and paid off right way (having those credit cards for a year now). Besides that I don’t have any other debt. I am working in a firm for last 2 years and my base salary is 92k. I am interested for FHA loan. Should I go for it or do I need to wait? If I’m eligible at this point for FHA loan, what would be my next step in order to purchase a home? By the way, I’m first time home buyer. Hope to hear suggestions from you as soon as possible. Thanks so much for your valuable suggestions in advance.

    1. Hi Rahman:

      Unfortunately, at this point, the waiting period for FHA loans is two years after discharge. That said, there’s another option we can look into with you. If you fill out this form, we can connect you with one of our licensed mortgage bankers and take a deep dive into your situation.

      Thanks,
      Kevin Graham

  6. I am in month 58 of my chapter 13 BK. My credit scores are 662, 660, 650. I would like to purchase a house with a FHA loan once my BK is discharged in a few months. I’ve been on the job at the same firm for 4years My salary is 92k. I have no consumer debt but I have 100k in student loans. What are my options? Any assistance would be greatly appreciated. I had 15 credit cards prior to BK with excellent payment histories. I had to file BK for other reasons.

    Regards,
    Willie

    1. Hi Willie:

      In order to get an FHA loan after chapter 13 bankruptcy, you have to wait until one year after discharge or dismissal. The only loan option that would enable you to get something immediately after dismissal is a VA loan. We wouldn’t be able to help right away, but hopefully this at least illuminates your options.

      Thanks,
      Kevin Graham

  7. I filed chapter 7 and it was discharged august 10, 2010, have a credit score of 591, have a truck and credit card that ive been paying ontine for almost 2 years and have a couple medical bills in collection, whats my chances of getting a mortgage loan?

    1. Hi James:

      You may have options available to you, but I want someone to be able to look into your situation and come up with the best possible solution for you. If you fill out this form, we’ll be happy to have a licensed mortgage banker reach out to you.

      Thanks,
      Kevin

  8. Hello. If I had a recent CH 7, do the same rules apply regarding the two year waiting if I am seeking a loan for a manufactured home? Many of these homes are inexpensive and I am looking to reduce expenses. How likely is it to get a loan on something less than $50,000 with a recent filing? Would a one-year waiting time be sufficient for some lenders?

    1. Hi Cindy:

      We don’t do loans for manufactured homes, so it’s difficult for me to answer that question. My best advice would be for you to talk to a local lender. Hope this helps!

      Thanks,
      Kevin Graham

  9. My chapter 7 bankruptcy was discharged in 2009. I did not reaffirm my current mortgage and it is not showing on my credit report. If i wanted to purchase another home and rent my current home out, will i be able to?

    1. Hi Kim:

      Based on the time period, you qualify for most loan programs. However, I’m not sure how reaffirmation or lack thereof affects it. I’m going to have someone reach out to you about this.

      Kevin

  10. I filed a Chapter 13 Bankruptcy in Dec. 2015 and have been making all payments on time. My husband did not file with me. Neither of us have ever had a foreclosure or short sale. We would be first time home buyers (I owned and sold a home more than 10 years ago). I make a very healthy income ($95,000 for me, $130,000+ together), and my husband and I would like to be able to purchase a home in the next year as renting in New England is so expensive. Do you know of any lenders who would consider us?

    Thanks

    1. Hi Leigh:

      I can’t speak for other lenders. I can tell you that because your bankruptcy is so recent, we wouldn’t have any options for you at this point. I can have someone reach out to you to go over a timeframe.

      Thanks,
      Kevin Graham

  11. I filed bankruptcy may of 2011.my discharge date was august 2015. my credit score is around 700.when will i be able to purchase a home again and are there programs to help me with the down payment

    1. Hey Bernice:

      The timing on when you can get a mortgage depends on the type of bankruptcy that was filed. There are also low down payment programs and you may have some options. I’m going to get this to a Home Loan Expert who can look into your situation and give you more detail.

      Thanks,
      Kevin Graham

  12. I have been working on my credit now for several years. My creit score is a 742, trans union, I just got served a filing for a judgement for a medical bill that I owed from a car accident for 134,000, I had no choice but to file for chapter 7, my credit cards and car payments have shown 6 years of perfect pay. Would I qualify for a home loan under certain circumstances once I am discharged, or do I need to wait the 2 years.

    1. Hi Debra:

      Sorry to hear about the car accident. The bill really stinks but at least you have your health.

      As far as applying for a home loan, in most cases you’ll have to wait two years. I’m going to have someone reach out to you to go over details and discuss when you might be able to apply.

      Thanks,
      Kevin Graham

  13. Hi, We filed a chapter 7 over two years ago and included our somersaulting house mortgage in it. We stayed with the house since we were told that although weren’t making payments anymore we were liable until the bank took possession of the house. So the mortgage company has finally started the process of foreclosure. We were told that if we were careful with our finances, we would be eligible to buy another house in two years or so…but someone else later told us that we couldn’t buy anything until the house had gone through the foreclosure and then had to wait YEARS after this. Please tell us if we can start the process of getting approved for a loan or if we have to wait on the foreclosure of a house we discharged in our bankruptcy over two years ago.

    1. Holly:

      It depends on the type of loan you’re getting what the waiting period is. I’m going to pass your question along to one of our Home Loan Experts who can look into your situation further and go over your options.

      Thanks,
      Kevin Graham

  14. Hi,

    My bankruptcy will be discharged 3 years from when I will be home shopping again. Chapter 7 bankruptcy and the mortgage was included, however I stayed in the house and was current on my payments and ended up selling the house and paying off the loan. I know none of that will be listed on my credit report because the loan was discharged but do I get any special consideration for not defaulting on my FHA loan? I was interested in getting a FHA insured construction loan and all I could find is information on people who defaulted on the loan via bankruptcy.

    1. Hi Shawn,

      Since your bankruptcy will be discharged for three years under Chapter 7, you may have some options when you’re ready to buy. I’m going to have a Home Loan Expert reach out to you to talk more about your situation.

      Thanks,
      Kevin Graham

  15. I filed for Chapter 7 bankruptcy that was discharged in March 2012. Among the items discharged was my residence- I did not reaffirm. I am currently in the house and have been set up on a loan modification. However, due the the mishandling of my Mortgage and/or note, the amount the Mortgage company shows I am in arrears is grossly miscalculated. I have tried for over 3 years now to get it straightened out, but after dealing now with the 4th bank (yes the keep selling it), I have decided I would rather walk away than to fight anymore. How can I get my name off of the title (which is what every lender I’ve spoken with states must happen before I begin my ‘waiting period’) without harming my credit further?

  16. I filed Ch 7 bankruptcy that was discharged in March of 2012. The house was not reaffirmed, yet I still live here and the bank is finally allowing me to do a loan modification (although the original note doesn’t exist anymore?). However, I have been struggling and fighting with 4 different banks over the past 4 years (keeps getting sold) and I am to my limit with the incorrectly additional charges, etc. I just want to “walk away” as so many have advised. But I learned recently that if my name is still on the title, I have to being my waiting period to obtain a loan based on the date I in which I am no longer on the title (however I get that to happen without major repercussions). So, I’ve waited 4 years from bankruptcy for no reason and I have to start the wait over again?

    1. Good morning, Jacqueline. We need a little more information to give you some advice, so I’m going to have a home loan expert reach out to you with an email. They’ll see what they can do to help. Have a nice day!

  17. I see that you are always posting that it usually takes 2 years after filing chapter 7 to get a mortgage approved. Apparently, there are a few exceptions. Could you please explain what these exceptions are?

    1. Good morning, Karen. There are a few loan programs out there that will allow you financing prior to your bankruptcy being 2 years old. Often times these programs require a higher interest rate, a large down payment and a higher credit score. For many of these programs, you would also need your bankruptcy to be more than 12 months old. Since the qualifications are so specific, I recommend that you speak with a Mortgage Banker to get more specific information. If you would like to speak with one of Quicken Loans®’ Mortgage Bankers, you can do so by calling 800-251-9080 or by going to https://www.quickenloans.com/about/contact and selecting “Click to Chat!”

  18. Hi. My husband is currently going through a bankruptcy for old medical bills and unfortunately bills his parents put in his name as a youth. This was the only option or file a police report /fraud against his parents. .. he got the sucky end, but can we still qualify for a loan with his bankruptcy. No homes are on it. Email jenngreen0202@gmail.com

    1. Good morning, Jennifer. I’m sorry to hear about the struggles you and your husband have gone through. In most cases, you need to wait at least two years after bankruptcy before getting a mortgage. You’re basically building your credit from scratch, meaning it’s going to take some time. First of all, I recommend that you read this article on rebuilding credit. It will be a good place for you and your husband to start. I’ll also have one of our home loan experts reach out to you through email.

      Best of luck to you and your husband!

  19. Hello I filed chapter7 bankruptcy 2014 and was discharged in July 2014 and I have been late on some bills,,,,I have one more yr to pay everything on time and raise my credit score….is it possible to still get a loan next year in august

    1. Thanks for your question, Monique. To better answer your question, I’m going to have a home loan expert reach out to you through email. They’ll get some more details from you and will help answer your questions. Have a great week!

  20. My husband and I had to file Chapter 13 during 2012 as a result of the recession. He is in the construction industry and was out of work for 2 and1/2 years. We did not include our home in the Chapter 13 process. We are struggling to make our mortgage payments and would like to sell our current home and downsize to a smaller residence hopefully to decrease our current mortgage payments to half. Is it possible to find a lender who will be willing to lend us a mortgage loan so that we can decrease our monthly debt. I will be paying off most of my medical bills within the week after taking monies from my 401K and catching up the only credit card we have that we are a couple of payments behind on. We have made our Chapter 13 payments on time since the onset of the bankruptcy. Our credit score was fair, but I just check it yesterday and now it is showing poor. Don’t quite understand how credit reports work. If someone could give me some guidance, I would greatly appreciate it. Thanks

    1. Thanks for your question, Eva. To better answer your question, I’m going to have a home loan expert reach out to you through email. They’ll get some more details from you and will help answer your questions. Have a great week!

  21. I filed a chapter 7 bankruptcy not through my 2yr yet but have been paying on my car and my credit card on time any way to get approved for a loan early

    1. Thanks for your comment, Matthew. Our home loan experts are taking a look at it now, and they’ll connect with you shortly.

  22. I went through a chapter 7 bankruptcy I have paid on my car credit cards on time for a good long time but not through my 2yr any way to get approved for a loan

  23. Ch 13 discharged 10/14. Would like to refinance mortgage as I have a 10.5 interest rate. Credit score is around 710.

    1. Hi Dee! You need to be discharged for two years in order to apply for a mortgage. So October of 2016 you should be good to apply.

  24. My husband and I were discharged Nov.2011. We continues paying for our home.(no late payments)We recently put a contract on a home in s.c. (we are in va)After showing discharge papers and all. we were told, today that we should have foreclosed, because it will show us walking away from a debt??? this was discharged and we even had our attorney send a letter to the lenders stating that. I guess it doesn’t pay to continue paying something once it was discharged.

  25. May 29, 2015

    My wife and I had to file chapter 13, which was roled over into chapter 7 after paying back over 90 percent of our debt. The company I was working for closed its doors. We had owed taxes to the Feds. which we where trying to pay along with our first and second morgage. We payed our two morgages and our car payments regardless of charpter 7. We may have been 2 weeks behind in our payments up until Sept . of 2014 but we payed every month. We still didnt have the income to get ahead to pay on time. We finally sold our home, payed off the two morgages and the money to the Feds. We have payed all our other bills which consist of truck payment, my wife has been paying on her car payment even though it was in chapter 7 for three years , always ahead of time . We have been out of chapter 7 for two years and three months. We purchased a lot, put in a foundation, and a well. We have over 100000.00 invested in this land. We have money in the bank for a good down payment, but we are unable to get anyone to help us with a construction loan. May I also add that between my wife and myself we have very little bills and a good income. Please help
    George and Jackie

    1. Hi George! Unfortunately we do not offer construction loans. Let us know if you have any other questions.

  26. Filed for chpt. 7, 5 years ago. Since then we have several cards and 5 years of excellent credit on our reports. Additionally we have 20 acres of ground with a metal pole building on it worth approx $20,000, an outdated doublewide which we paid cash for and own. Additionally we own 4 vehicles all paid off and our property has septic and well water systems. We are at the point where we want a foundation and a prefab home built on our land. Can someone contact use to discuss lender options and a game plan? Thank You.

  27. Bankruptcy discharged 10/14. Retired military income, VA disability income, and job income. Have one car loan, one bank loan, VA home loan eligibility reinstated in Nov 2016 according to the VA. Any chance I can get a home loan now with money down and then refinance after VA loan is reinstated?

  28. My husband and I had our bankruptcy discharged Jan. 2014. We are looking for a manufactured home loan in Oregon and we have a decent amount of downpayment. Is is possible to get a loan so soon? Most lenders seem to require being out of BK 2 years.
    Thanks!

    1. Hi Michelle! If you filed Chapter 13 you must be discharged for 2 years, if you filed for Chapter 7 or are self employed and filed Chapter 11, you must be discharged for 4 years.

  29. I was a gunship pilot in Vietnam and was associated with Agent Orange application. I was a commercial pilot and then found I was poisoned by it and could no longer fly or obtain employment. I am now 100% permanent and totally disabled VA rated. We had to file chapter 7 about a year ago due to this and have been building our credit back ever since. I have quite a large income now with Military Retirement (non taxed), Social Security and VA disability payments. We have been in contact with the VA about home loan guarantee and they stated that if I can find someone to loan they will go with it. Can tell you much more but would rather talk to a person rather than write it down.

  30. Don’t even know where to start…. My house was in a fire and due to the builders not completing the work right it lead into a nightmare.. My loan company citi Mortgage said they would work with me.. Understood what was happing but in the end they said nope and were going to foreclose on the property I tried to get a refi with them for 2 years as they led me down a road they knew was bs. I had to hire amer-fi to handle getting them to refi me. but in the end I still had to file for bankruptcy.. I did get the refi that I know I will never pay off. Because citi added all this extra money to it…I’m still in the home but I just don’t want to be in debt for this much money… I would love to get a new home but having trouble finding a company who will loan to someone that had this one their credit. Would love to find one …. can you help>>>> of course there is a lot more to this story just trying to give a real short version…..

  31. Hi,

    I had to file a chapter 7 and my wife filed a chapter 13 because we did not want to lose of vehicles. We filed in 2011. The 7 was discharger April 2011 and the 13 will be finish March 2015. We had a rented home that was foreclosed on and sold October 2013. Our scores has climb between 650-700. We have been renting and do not want to rent anymore. The rents has been between $1200 and $1600, and we would like to have that money going to our home. Combine income is over $10,000 a month and all bills to include house bills runs around $4000. This includes our rent of $1600. Wife has been with her job for 15 years and I for one year. We are wanting to buy a home. Have try in the past, but no luck. We will be using the wife VA Certificate. We do have $5000 for down payment. Is there a mortgage company that would give us a home loan? Thanks.

  32. I currently just finished my chapter 13 ive been at my job for 11yrs + i currently have 4children live in a two bedroom apt no space nor room for us im looking to buy my first home if any one could please help i was a very young girl when i establised credit..

  33. My Ch 7 bankruptcy discharge was Nov 2013, but I’d like to purchase a home this summer meaning 6 months shy of the two year minimum. Are there any lenders willing to work around this? We’ll have decent down payment and proof of employment of past 16 months.

  34. I will be discharged from my bankruptcy in 3 months my aunt and I are planning to by a home 1 year after my discharge. We will have like 15000 down but I don’t know where my credit score will be. She is also building hers but has no bankrupt but fixed income. I have steady income and will start rebuilding right after my discharge. Do you have any suggestions for a company with manufactored homes. We also have land with a worth of $35,553. Which we could use as down payment plus or 15,000.

  35. I filed for chapter 7 almost 2 years ago…my husband and I are trying are thinking about finally purchasing our first home..will my bankruptcy effect the amount of money we will be approved for?..

  36. I am in a very tricky situation. I have recently went through a bankruptcy, and had my home foreclosed on (just prior to filing), as the result of a divorce. I have recently re-married and had moved into my wife’s father’s house, since he was unable to care for himself. he has since passed, and he had so much debt against his estate that there was no way to save his home. The house has recently sold, and we have less than a month to move. Trouble is after all that has happened, my credit is horrible, and since the bankruptcy, we have no way of getting financed. I am well employed, my debt is nearly cleared, and I could afford payments. not sure how to get through this one.

  37. This is a little complicated. I own 2 condos in Fl. One rental, and one primary residence. The primary residence was bought 10 years ago for cash, $60,000.00 and remains free and clear. The rental has steadily produced $550.00 month for 10 years. I became ill and required extra help. I gave my daughter quit claim deed to primary residence in return for her help. My adult son was also living with me and required a lot of care (congestive heart failure). He died suddenly, leaving me with a lot of debt. I filed for bankruptcy. I did not declare the debt-free condo as primary because I thought my daughter had title. The Trustee went after my primary residence, disregarding that it was the only home I had. He agreed to settle for $5,000.00 payout if I was to keep my home. I managed to pay him half. The remainder is due by Feb. 1, 2015 or my home will be sold on the courthouse steps. I need to pay him, plus to get some vital home repairs done quickly. I would seek a loan or mortgage for $10,000. on a 3/2 condo worth $40,000. to $60,000. All my debts are paid on time every month and always have been . I am a senior citizen on a fixed income. I would seek a fixed rate 3 1/2-4% mortgage-15 years- anticipating that it will be paid off sooner. There is a sense of urgency about this because I only have until Feb. 1st. Is this something that quicken loans can help me with? Many thanks and happy holidays!.

    1. Hi Sue! Thanks for reaching out. I’ve passed your comment on to our team of licensed mortgage professionals and they’re looking into it and will reach out to you soon.

  38. Is it set in stone that you have to wait 2 years after bankruptcy? we filed chapter 13 and made our payments on time even paying over, I was hurt in a oilfield accident and was down but know Im a consultant and make great money and have for the last 4 years on the same job. Im a vet so I can get a VA loan and have a really good down payment but only been out of bankruptcy for a little over a year. we do have a credit card and a car loan already to help start building up our credit.

    1. Hi Shawn! I’ve passed your comment on to our licensed mortgage professionals who will be reaching out to you shortly.

  39. I have had the same problem with an unfortunate bankruptcy. I have a great job and currently paying $1250 a month on a house that should be costing me $500-$600 a month financed. I also need to get my home financed and on the right path. I would be interested in how you could help?

  40. My name is on the title but not the mortgage of a home my husband financed that is now going into foreclosure. Can I purchase a home in my name? My bankruptcy was discharged in 2009 and the house was included.

    1. Hi Jan! Thanks for reaching out. I’ve passed your comment onto one of our licensed mortgage experts who will be reaching out to you shortly.

  41. Hello,
    My husband filed BK and it just recently closed a few months back. We feel like we are stuck in a giant rut now and have tons of questions about what we need to do to get on track to buy a home. Please have someone contact me. It would be greatly appreciated.

  42. My Chapter 7 was discharged 12-21-13. I tried to start a flipping business. The very first day of redoing my little landmine house, the housing crashed. My house plummeted. I couldn’t make enough to pay bills. Took 2 years to sell at a loss. I tried for a long time and after discussing with my brother decided to apply for BR and lost my home. Before I had excellent credit and am back to getting it back. My brother agreed to loan me money to buy home. He gave me the money, I bought the home but haven’t signed his mortgage yet because his wife is stipulating who can be in my home or who can work on it with a mortgage provision. I need to pay him off, can you help or can anyone? Thanks, Deb

    1. Hi Deborah,

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

      Have a great day!

  43. Hi! My husband and I were discharged from chapter 7 bank in March 2013. I know we have to wait 24 months before getting a home loan. I was wondering if we can find out how much we can get financed for a couple months before that 2 year marker? Also does it make it any better or worse if we have never had a home loan before? Thank you for your time.

  44. I want to know if i could get qualified for the back to work program/FHA without waiting a year. I was recently discharged from bankruptcy march 20, 2014. I have two secured cards that i am using. I charge a little bit then pay the balance off before the month is over. I have a house in mind and 4,000 to put down. I make 24,000 a year. I have a new job that i had been with for 10 months. Prior to that i worked for the same employer for 12 years. The reason for my bankruptcy was i was the subprime lending. I was very young when i got my first house and i didint know what to do so i relied on a broker who sent me to this mortgage company. They gave me a home loan on my credit alone which was 790. Then when we sat down to do the writing they told me what the payments was going to be which was 1260. We was shocked because we thought they was going to be 800-900 a month. But we got it anyway and the guy told me, “you will be ok just refiance after 2-years”. After 2-years of on time payments i was looking to finance before our mortgage adjusted and one of the quicken loan experts told me that i didnt make enough to be sitting in that home. I was denied by others banks. So our home was foreclosed back in 2008. When we lost our home the rest of the bills followed because my husband at the time couldnt get a stable job. We later separated and divorce. My job cut my hours so much that i wasnt make enough to support my family. All of the creditor started suing me for the balance. I was paying them on time. Then another decided to sue and it was becoming too much so i filed bankruptcy. I later quit and got an another job that pays well but i have kids and i need a home for us. So i wanted to know if i can get a mortgage for 77,000 i have 4,000 down but i can put 7,000.

  45. My husband has had 2 stokes open heart surgery kid hey failure been buying house contract for deed for two years need financing had discharged bankruptcy 3 months ago help

  46. My wife and I has filed for bankruptcy of 2010 and has been discharged the same year. The next year we moved to the Philippines and after 4 years decided to move back to the US. We are getting ready for our move and my question is do we have any chance of getting a loan for a house? While in the Philippines , I worked as a sub-contractor for the same company I have been working for the last 17 years. Moving back I will be working full time gain with the company. We don’t have any savings because we built a house here in the Philippines. I don’t know if life insurance would qualify as an asset because we still manage to pay it on time even if we are away. We didn’t have any debts when we left the US though we were slap with taxes when we withdrawed my 401k. We managed to pay off our state taxes and we are still paying our federal taxes. Waiting for your reply.

  47. 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 ?

  48. 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.

  49. 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

    1. Hi Kimberly!

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

      Thanks for reading!

  50. 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.

  51. 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.

    1. 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!

  52. 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

    1. Hi James,

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

      Have a good weekend!

  53. 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.

    1. 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!

  54. 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.

  55. 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.

  56. 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!

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

  57. 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?

    1. 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!

  58. 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.

    1. 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!

  59. 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?

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

  60. 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?

    1. 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!

  61. 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.

  62. 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

    1. 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!

  63. 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.

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

  64. 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

  65. 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?

    1. 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!

  66. 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

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

  67. 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.

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

  68. 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!

    1. 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!

  69. 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

    1. 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!

    1. 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!

  70. 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?

    1. 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!

  71. 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.

  72. 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.

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

  74. 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.

  75. 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

    1. 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!

  76. 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.

  77. 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

    1. 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!

  78. 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?

  79. 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?

    1. 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.

  80. 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.

    1. 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.

  81. 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?

  82. 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.

  83. 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

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

  84. 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

    1. 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!

  85. 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?

  86. 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?

  87. 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.

  88. 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!

    1. 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.

  89. 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.

    1. 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.

  90. 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?

    1. 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.

  91. 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.?

    1. 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.

  92. 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

    1. 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.

  93. 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.

  94. 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

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

  95. 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?

    1. 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.

  96. 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?

    1. 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.

  97. 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???

    1. 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!

  98. 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!

  99. 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?

    1. 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.

  100. 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

    1. 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

  101. 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?

    1. 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

  102. 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

  103. 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.

    1. 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!

  104. 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???

    1. 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!

  105. 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?

    1. 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!

  106. 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)

    1. 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!

  107. 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.

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

  108. 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.

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

  109. 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.

    1. 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.

  110. 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

    1. 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.

  111. 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.

  112. 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.

    1. 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.

  113. 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?

    1. 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. I really believe that a foreclosed can have a major effect on the debtor’s life. Property foreclosures can have a Seven to a decade negative effects on a client’s credit report. Any borrower who has applied for home financing or any loans as an example, knows that your worse credit rating is actually, the more complicated it is for any decent bank loan. In addition, it can affect any borrower’s ability to find a really good place to lease or hire, if that turns into the alternative real estate solution. Thanks for your blog post.

  115. 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

    1. 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!

  116. 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!!

  117. 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.

    1. 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.

  118. 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?

    1. 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!

  119. 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?

    1. 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.

  120. 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?

    1. 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!

  121. 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.

    1. 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.

  122. 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?

    1. 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!

  123. 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

    1. 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

  124. 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?

  125. 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. ?

    1. 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!

  126. 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.

    1. 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

  127. 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?

    1. Hi Cameilia

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

      Thanks

      Clayton

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

  128. 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.

    1. 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!

  129. 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.

    1. 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.

  130. 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

    1. 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!

  131. 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!

    1. 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.

  132. 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

    1. 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.

  133. Thanks for your thoughts. One thing really noticed is banks in addition to financial institutions understand the spending behavior of consumers and understand that plenty of people max out their credit cards around the holidays. They correctly take advantage of that fact and start flooding your current inbox and snail-mail box using hundreds of no-interest APR credit card offers shortly when the holiday season concludes. Knowing that for anyone who is like 98% of the American community, you’ll jump at the one opportunity to consolidate consumer credit card debt and move balances for 0 APR credit cards.

  134. 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!

    1. 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®!

  135. 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?

    1. 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!

  136. 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

    1. 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!

  137. 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?

    1. 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.

    1. 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!

  138. 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?!

    1. 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!

  139. 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….

    1. 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!

  140. 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?

  141. 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….

    1. 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.

  142. 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!

  143. 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?

  144. 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.

  145. 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!

  146. 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!!

    1. 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!

  147. 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.

    1. 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!

  148. 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.

  149. 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

    1. 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

  150. 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

    1. 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.

  151. 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.

    1. 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!

  152. 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.

  153. 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.

    1. 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!

  154. 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?

  155. 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?

  156. 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 ?

    1. 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!

  157. 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.

    1. 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!

  158. 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?

    1. 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!

  159. 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?

    1. 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!

  160. 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.

    1. 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!

  161. 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?

    1. 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!

  162. 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.

  163. 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,

  164. 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

  165. 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

  166. 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.

  167. 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?

  168. 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!

  169. 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?

  170. 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®?

    1. 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.

  171. 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.

  172. 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!

    1. 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!

Leave a Reply to Shawn w Cancel comment reply

Your email address will not be published. Required fields are marked *