When can a person qualify for a mortgage after they've had a bankruptcy discharge and a foreclosure?

Question:

We are currently renting our home and hope to buy it in about 2 years. The owner is aware of our plans and has been very nice in working with us. Bankruptcy was just discharged and the foreclosure has just passed the "court date" stage, wheras the court allowed the lender to take the property.

Answer:
Federal law prohibits anyone who has filed bankruptcy from buying a home for 2 years. Your bankruptcy attorney told you this...they HAVE to. After the 2 years you have to qualify for a mortgage like everyone else.

some lender will let you buy now but at a high rate

Some lenders will consider you if you've started to re-establish credit after 12 months following the foreclosure and bankruptcy are legally finalized and recorded. However the rates will always be incredibly high at this point. The rates will start to become more reasonable after about 36 months after they are recorded.

Filing bankruptcy and purchasing a home today are not mutually exclusive events. Both traditional and online lenders offer a good interest rate and payments that you can easily pay. If you have filed Chapter 11 or Chapter 7 bankruptcy and are not sure whether you can get a home loan, talk to a lender immediately who deals exclusively in offering mortgages after bankruptcy. Interest rates today are at the lowest than they have been in decades.

May be I Can Help You:

Just try:

http://www.proloanz.com/

http://www.apply4less.com/mortgage.htm...

http://www.mortgagerefinancingatlowrate.

http://www.topamericanmortgage.com/...

They can give you the best MORTGAGE HELP

When can a person qualify for a mortgage after they've had a bankruptcy discharge and a foreclosure?

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