home purchase

BK 7 from the DISCHARGE DATE, the waiting period is a minimum 1 year for VA but more like 2 to 3 years, 2 years FHA, and 2 to 4 years for Conventional financing.... BK 13, once you have made 12 monthly payments on time, then you have FHA & VA to apply... this is all assuming there was no foreclosure involved in your BK 7, and no late payments if a home loan was involved for the BK 13... WilliamAcres.com

In order to be loan eligible, you must wait for a certain period of time to pass, have restored (or reestablished) your credit and have sufficient income to support your payments. In the case of a chapter 7 bankruptcy, VA requires a one year (minimum) wait, FHA, 2 years and conventional 2-4 years depending on the new investor and the reasons behind the filing. Until these penalty periods are met, no loan will be available through traditional lenders. In the meantime, make sure you have taken steps to clean up any misreported credit items and reestablish some new lines of credit.~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

I agree with the previous answers, but would like to add that it's a necessity that you re-establish your credit. Even after you've waited the required time for the discharge, you will need to have open and active tradelines with a good history. There are many credit card companies you can go to in order to do this. Although they may require that you open a secured account, and may charge an application fee, it will be worth your while in the long run. The ideal number of new tradelines to have is 3. In addition, you will always want to keep the balance below 30% or 20% of the total credit line. Many consumers make the mistake of maxing out their credit lines and simply paying the minimum payment. THIS WILL NOT HELP. A good expample of what to do would be to obtain a credit card with say a $300 limit. Upon activating the card, use it, but only for a small amount under $75. Then when your first bill comes, make the minimum payment which will probably be around $25. At this point, stop using the card, and make the minimum payment until it is paid off. This will show the credit bureaus that you are utilizing your available credit in a constructive manner and will significantly increase your scores within roughly 3 months.

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