If I have been out of bankruptcy for almost 4 years, am I eligible to purchasing a home? 8 Answers as of June 25, 2017

I have been out of bankruptcy for almost 4 years. I did not reaffirm the house that I am currently paying a monthly mortgage on. I am interested in purchasing another home for my growing family, and renting out the house that is in bankruptcy.

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Ronald K. Nims LLC | Ronald K. Nims
Yes, if you qualify for a loan on income and expenses the bankruptcy will not be a problem. However, if you're counting on rental income from your old home, the lender usually considers that to speculative.
Answer Applies to: Ohio
Replied: 6/25/2017
Stephens Gourley & Bywater | David A. Stephens
Yes, assuming that your credit is good enough.
Answer Applies to: Nevada
Replied: 6/21/2017
Patrick W. Currin, Attorney at Law | Patrick Currin
You are eligible to purchase at any time, but lenders usually want two years to pass from time of discharge.
Answer Applies to: California
Replied: 6/21/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
When you can buy again is up to the lender. They all have different requirements.
Answer Applies to: California
Replied: 6/21/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
First, the house is not in bankruptcy, only YOU were in bankruptcy. Whether you can convince a lender to grant you another mortgage or not will depend on your credit history since the bankruptcy. Many credit unions make mortgage loans for people after they have been out of bankruptcy for more than a year.
Answer Applies to: Nevada
Replied: 6/21/2017
    Benson Law Firm
    Benson Law Firm | David Benson
    It depends. Different mortgage programs can have different waiting periods following a bankruptcy or foreclosure. And there may be in-house requirements as well. After a Chapter 7 discharge, you usually have to wait for 4 years to get a conventional loan and 2 years for either FHA or VA financing. After a Chapter 13 discharge, you might qualify for a conventional loan in as little as two years and even less than that for an FHA or VA loan. We usually suggest working with a consultant in order to boost your score so you're ready once the minimum waiting period ends.
    Answer Applies to: Ohio
    Replied: 6/21/2017
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    You are fine.
    Answer Applies to: Colorado
    Replied: 6/21/2017
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Nothing about a bankruptcy of itself renders you ineligible for a mortgage. The key issues are: your history of making timely payments since the bankruptcy discharge; your earnings, whether you have or have not used most of the credit you have remaining on credit cards and credit accounts. You might have to accept a higher-than-standard interest rate for a couple of years, but with regular payments you should be able to renegotiate the interest rate. Different lenders also have different policies as to how long after a BR they will grant credit. You might have to try more than one.
    Answer Applies to: Wisconsin
    Replied: 6/21/2017
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