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tamika1130
185 Posts |
 Posted - 11/07/2009 : 9:40:40 PM
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| Hello I have a clien that is re-locating to Texas. The just recently filed bankrupt. I wanted to know how long do they have to wait in order to purchase a new home. are there any banks who work with clients like this. |
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Ruby2sdae2
514 Posts |
Posted - 11/08/2009 : 03:15:11 AM
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| Fha requires 2 years after discharge on a chapter 7 and one year after filing on a chapter 13 and a good 12 month payment history on it and approval from the trustee to purchase. |
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Mandyvilla
6392 Posts |
Posted - 11/08/2009 : 05:59:48 AM
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If two years after a Chap 7 BK, the guidelines call for re-established credit, too. So your guy needs to concentrate on that and get at least 3 tradelines.
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tamika1130
185 Posts |
Posted - 11/08/2009 : 06:31:49 AM
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| do you think they can get a conventional loan if they have a big downpayment instead of going FHA |
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TheBigGuy
536 Posts |
Posted - 11/09/2009 : 06:13:49 AM
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| no |
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Rick_Santelli
264 Posts |
Posted - 11/09/2009 : 06:38:08 AM
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| Coventional guidelines are much strictor than FHA on Bankruptcy. |
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