Looking forward to buying a home in July but I'm getting conflicting advise
As a first-time home buyer, I have a unique situation and would appreciate some guidance regarding my eligibility to purchase a home. I have received conflicting messages, which have left me uncertain. In July of 2022, I filed for bankruptcy, and it was discharged. My credit score has since rebounded, and I am currently sitting at a healthy 700. However, when I inquired about securing a loan, some lenders stated that I would have to wait for two years or more before being eligible, while others suggested that I could secure a loan after just one year. Given this inconsistency, I am eager to know if there is a possibility that I could purchase a home in July through any special programs, such as new home buyer programs, considering my situation. I reside in Colorado. Thank you in advance for your assistance. by Allyssa813 from Aspen, Colorado. Mar 1st 2023
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
So here are the seasoning guidelines to purchase after a BK 7.FHA: 2 yrs from discharge dateConventional: 4 yrs from discharge dateNon-QM mortgage programs can allow for shorter time frame. This option will require a larger down payment. Check with your local mortgage banker or broker. (not retail banks like Wells, Chase, etc)
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
chapter13 allows 1 yr waiting period ...chapter 7 requires a 2 yr waiting period - meet with a loan officer and get pre approved - let me know if you need a CO based loan officer - good luck -Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745
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