Foreclosure/Bankruptcy, wondering about purchasing new home.

We have a program for rural housing that only requires 12 months post foreclosure. There are also a few other programs available to you after 3 years. Please e-mail me at jarrett.hodson@ikonfg.com for details.

Hello Charleston SC,I am a SC DE lender and here are the guidelines we go by: A chapter 7 BK needs to be seasoned 2 years to be considered for a new mortgage. If a home was included in the chapter 7 BK, then 3 years must elapse. If the BK is a chapter 13, then 12 months of repayment must be completed before considering you for a home loan. Getting a home loan after any foreclosure or bankruptcy is contingent on how you handle your monthly obligations after the BK. Underwriting will be looking for payments made on time and a general conservative use of credit. Please contact me if you have any other questions.Thanks,Ken BaltesAmerican Security Mortgage704-684-2117

What area are you looking to buy in? There are programs that may allow you to purchase right away. chris@islandpalmsrealty.com for more help!

The fact that your bankruptcy has yet to be discharged, you will need to wait 24 months with re-established credit to apply for an FHA insured home loan. Otherwise, you will need to find a private hard money lender to fund your purchase transaction and they will definitely require a larger down payment.

As a realtor in the Myrtle Beach area we are face to face with prospective buyers in your situation. I always recommend that you talk with several lenders, be honest and up front with them and they will guide you as to when and what you will qualify for. Working with a lender now will put you in the best position when you are ready to purchase.