Is getting a mortgage after bankruptcy even possible in 2012?

you need to be working with someone who can help put you in position to purchase once you get past the mandatory waiting period...FHA and VA require 2 years waiting from the discharge date. If there was a home involved in your BK, then you waiting period will be 3 years from the date the property was taken out of your name, not the discharge date.. you still have to have reestablished credit, and have sufficient income and ratios to qualify, and have minimum credit scores... so now would be a good time to get with a lender to look at your profile and help you prepare for your purchase...I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

If your bankruptcy was a Chapter 7, then the shortest waiting period before you can buy a home is with an FHA loan. Their wait period is 2 years from the actual discharge date. You need to also have some re-established credit and all payments made on time.

Unfortunately, you will not be able to close escrow before you have completed your two year "penalty period". However, the time to start is now. If you are like most people, your credit report probably looks terrible. There are a lot of things that we can do between now and then to get it cleaned up and to make sure you have the requisite re-established credit. I started with a client in January, helped them get their credit cleaned up, got them with a great agent who got them into a great property. We have underwriting approval and are simply waiting until September 19th (which is the first day after their bankruptcy discharge is two years old) to close escrow. Give me a call and let's get the ball rolling for you. Nova Home Loans is an Arizona Mortgage Banker headquartered in Tucson. I am in their Chandler Office. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

You can't wait? Yes, you can wait, and wait you will because you are not yet eligible to have a mortgage loan given to you. FHA requires at least 2 years from date of discharge and conventional is 3 a minimum 3 year wait. You think that lenders out there are eagerly waiting to extend credit in the hundreds of thousands of dollars to a person who has just proven that they could not use credit responsibly less than one year ago? A mortgage loan is a privilege, not a right.

Let William set you up for your future purchase.

Depending on which type of BK you had, it may be possible to get a loan right now. If you filed for Chapter 13, you can get a loan as soon as 1yr assuming you are making regular payments to the trustee. If you had a Chapter 7 you will be eligible as soon as 2yrs with FHA financing. My advise though is to get yourself an early start by consulting with a Loan Officer now even if your 2yrs are not up. Just because you reach the 2yr mark dosent mean that you are automatically eligible to buy a home. You may need to reestablish some credit or clean up your credit before the 2yr mark. We are the leading team when it comes to loans after Bankruptcy. A big portion of our business is clients that need loans after a BK, Short Sale and Foreclosure. Feel free to give me a call if you have any questions at 480-289-7607 or you can go to our website at www.LoanDoctors.us

You have to wait until 2 years after your bk was discharged. You should start working with a mortgage broker now to make sure you are prepared.

I agree, contact William.

You will have to wait. It will be at least 2 years. If you had a house that was foreclosed you are going to be waiting 3 years.

Sure, it is possible - but the lending industry puts a waiting period in place before allowing for a new mortgage loan. For bankruptcy, generally speaking, that wait period is two years.

OK, THE only way with your current situation, is to do private money, wihch i can refer you to, with a large down payment... linda yourloanpartnerforlife@live.com