What will it take to be able to purchase a home after chapter 13 discharge? 14 Answers as of August 21, 2014

We have just been discharged after a chapter 13 bankruptcy. We have paid $1200 per month for 5 years. 3 years ago we had to foreclose on our home. We make a good income and have a down payment saved. How long and what will it take to acquire a new mortgage?

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Barnhart Law Office
Barnhart Law Office | Bruce C Barnhart
A mortgage broker or bank loan officer is the best person to answer this question, as they will be the one approving the loan.
Answer Applies to: Nebraska
Replied: 8/21/2014
Idaho Bankruptcy Law | Paul Ross
Typically a bank will not consider an individual until 2 years have passed since discharge. If you have taken steps to rebuild your credit and have a down-payment, you should be able to obtain a new home as long as your income is sufficient for the debt-to-income ratios. Visit with your mortgage company.
Answer Applies to: Idaho
Replied: 8/20/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Get with an experienced mortgage broker.
Answer Applies to: Colorado
Replied: 8/19/2014
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That is up to the lender. I have no idea.
Answer Applies to: California
Replied: 8/19/2014
Ronald K. Nims LLC | Ronald K. Nims
Generally speaking, if you make all your payments on time - two years after you complete a Chapter 13, you'll have a good credit rating and you'll be able to get a mortgage at a normal interest rate. Understand that you don't have a perfect credit history and you should shop around a bit to make sure you get a good deal.
Answer Applies to: Ohio
Replied: 8/19/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    You need to rebuild your credit score. Once you know your credit score, get a copy of your Chapter 13 payment history and take it to a local credit union and ask about their criteria for lending you money to purchase a house. The criteria for a mortgage changes at least every month and attorneys are not provided with the information about lending practices.
    Answer Applies to: Nevada
    Replied: 8/19/2014
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    Talk with some mortgage brokers. They are in the best position to know what different loan programs are out there. There is no set rule about this, it's simply a matter of what different lenders are willing to get into.
    Answer Applies to: California
    Replied: 8/19/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    It depends on your income, credit score, and down payment. There are so many factors to consider. However, at a minimum I recommend waiting a year.
    Answer Applies to: Nevada
    Replied: 8/19/2014
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    There are government programs that after one year you can apply for a mortgage again.
    Answer Applies to: New York
    Replied: 8/19/2014
    Goldberg, Scudieri & Lidenberg, P.C. | Alan J. Goldberg, Esq
    It will be up to the lender to determine if you qualify for a mortgage. You can expect a higher interest rate and increased down payment requirement.
    Answer Applies to: New York
    Replied: 8/19/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Generally you can get a mortgage about 2 years after bankruptcy discharge.
    Answer Applies to: New York
    Replied: 8/19/2014
    Detroit Lawyers, PLLC
    Detroit Lawyers, PLLC | Nick Best
    There isn't anything preventing you from getting a new mortgage now. You only concern is probably going to be the interest rate you'll receive. Obviously the more your credit improves the better deal you can get.
    Answer Applies to: Michigan
    Replied: 8/19/2014
    Law Offices of Eric W. I. Anglin
    Law Offices of Eric W. I. Anglin | Eric W. I. Anglin
    You really need to consult with a few mortgage lenders to determine your eligibility for a home loan.
    Answer Applies to: Indiana
    Replied: 8/19/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    That is an issue of the lender, not the law. Practically three years from a foreclosure or bankruptcy so you are getting close. Start contacting lenders.
    Answer Applies to: Michigan
    Replied: 8/19/2014
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