Question: I recently came through Chapter 7 bankruptcy. How long will it be before I can buy a house?
Answer: Unfortunately, agents and lenders are not the ones who make the decision on whether or not someone can purchase a home after filing a Chapter 7 bankruptcy. The requirements are imposed by Fannie Mae, Freddie Mac, FHA and the VA (HUD/GNMA). Because 99%+ of all mortgage loans are secured through one of those federal agencies, we are required to follow their guidelines. Fannie Mae requires a minimum of 4 years and FHA is 2 years with documented extenuating circumstances that led to the bankruptcy (medical emergency, loss of employment, death of spouse, etc.). It’s 3 yrs for standard/financial mismanagement.
If you think you’ve got enough time under your belt, and you have a minimum credit score of 620, you may be ready. I’d recommend calling Mark Neely with Access National Mortgage (615) 383-9292 ext. 230. Mark’s team will take great care of you!
