Construction Loan after bankruptcy
I was curious, how long after a personal bankruptcy do I have to wait to get a construction loan. Back story, we had a business which we had to close due to theft (have records). Due to business closures and business debt had to file personal bankruptcy due to guarantees on business. Filed personal bankruptcy and have no personal debt listed. Discharge date 2/2019. Thanks! by dtecd5538 from Ellenton, Florida. Jan 30th 2021
Pamela Gordon (pam@thegordongroupinc.com)
#63 ranked lender in Florida - 12 contributions
Well a construction loan is not a Conventional loan so it up to the lender. On a Conventional Loan it is 7 years unless it was a Chapter 13. On an FHA it is 4 years. However, there might be a portfolio subprime lender that can do a construction loan. My guess is it would be at least 30% down payment though. But, if you now have no debt, that will drop your credit score. If you still have any credit cards you should put a small o amount on them monthly and pay it off in full. They usually want at least 4 active credit accounts before any lender will consider any type of mortgage.
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