requirements for refiancing after Bankruptcy?

Foreclosures and bankruptcy- While borrowers whose homes have been foreclosed or who have gone into bankruptcy will have to wait for a longer period to get a conventional loan, FHA will allow a home purchase two years after a Bankruptcy and three years after a foreclosure.

If you currently have an FHA or VA loan you could potentially complete a streamline refinance without a problem. If you have a conventional loan you will need to undergo a waiting period.

It depends if there was a home involved in the BK.. if there was, then FHA allows for a purchase after 3 years.. if no home was involved in your BK, then 2 years.. however if your loan is currently a FHA or VA loan, it's possible you can refinance now.. there are other factors involved that need to be considered, such as.. where there any 30 day late payments on the mortgage, and if so how many.. is your loan current now.. are you employed, do you have an late payments on any other obligation.. etc.. to know for sure if you qualify, you should to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

For FHA and VA you can streamline the refinance the day after the bankruptcy is discharged. As long as the mortgage was reaffirmed.Hope that helps.

Minimum of two years after the discharge for an FHA loan with good re-established credit. Minimum of four years for convention with good re-established credit. Possibility of just two years on conventional with really extraordinary extenuating circumstances.