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Now that I have purchased my Rancho Cucamonga home, how can I remove my FHA monthly mortgage insurance?
Buying a home after a bankruptcy will depend if you filed a Chapter 7 or a Chapter 13. See comparison chart if you are unsure what filing you had.
After reviewing the chart above, I have the answers to your questions of “how long after bankruptcy can I buy a house? Below are FHA and VA underwriting guidelines, click here to go how to buy a house after a bankruptcy with Fannie Mae.
A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-VA insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must have:
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re-established good credit or chosen not to incur new credit obligations
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An elapsed period of less than two years, but not less than 12 months may be acceptable for an FHA-insured mortgage, if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his/her control and has since exhibited a documented ability to manage his/her financial affairs in a responsible manner
A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-VA insured mortgage, provided that the lender documents that:
- one year of the pay-out period under the bankruptcy has elapsed
- the borrower’s payment performance has been satisfactory and all required payments have been made on time
- the borrower has received written permission from bankruptcy court to enter into the mortgage transaction
“Can you buy a home after a bankruptcy?” You sure can, if you filed a bankruptcy and looking to purchase a home, I welcome the opportunity to work with you on your next purchase. If you are thinking about filing BK do consult a bankruptcy attorney to assist with your decision.
Yes there is hope to purchase a home after filing a bankruptcy, call me and we can discuss your options to purchase a home.
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