How long do I have to wait to get a new mortgage loan after chapter 7?
How many years till I can get a good rate on a new house after I've done bankruptcy?
- 1 decade agoFavorite Answer
You should be able to obtain an FHA mortgage 2 years after your discharge date with re-established credit and NO late payments after the bankruptcy. If there were extenuating circumstances you might be able to do it after 1 year. The rate should be a current market rates.Source(s): Mortgage Consultant
- SPIFIMAN1Lv 71 decade ago
If you have the money to put down and can afford the payments? You can get one the day your bankruptcy is discharged.
At a good rate will require you to re-establish your credit history. Took me 3-years. Got 6.5% fixed 100% financing.Source(s): Finance Manager for over 7-years.
- hattoriLv 43 years ago
A financial ruin 7 financial ruin keeps to be on a individual's credit record for 10 years from the date of submitting the financial ruin 7 petition. this might make credit much less obtainable and/or words much less favorable, even if if severe debt could have an identical effect. That could be balanced against the removing of truthfully debt from the filer's checklist via the financial ruin, which has a tendency to strengthen creditworthiness. shopper credit and creditworthiness is a complicated difficulty, besides the incontrovertible fact that. destiny ability to get carry of credit relies upon on numerous factors and complicated to foretell.
- Anonymous1 decade ago
Don't give Marty, the Premier Loan Shark any information. he is running a scam. Yahoo keeps booting him, but he just signed up again.
You cn get a loan right away, however you aren't going to get a good rate for several years. There is no way to know what the market will be then.
- How do you think about the answers? You can sign in to vote the answer.
- 1 decade ago
He may be a scammer but he is right. Many lenders won't touch you unless you are at least one year out of BK. Others, mostly sub-prime, will lend to you the minute your BK is closed by the courts. However it will cost in rate...dearly.