Question about rules on bankruptcy and foreclosure when trying to get a new house?
My question is how long afer bankruptcy and foreclosure before one is able to get a new home?
Is it 3 years for foreclosure and 2 years for bankpruptcy?
Is that when you can get a fha loan?
i think it just changed to 4-5 years depending on circumstances. It is less time if it was extenuating circumstances and longer if it was financial mismanagement
Don’t know where you got those numbers. Before a lender will even consider you…it’s 7 years for either.
its colser to 5 years for foreclosure and 7 years for bankruptcy– but in truth– it will still be remembered for about 15 years for foreclosure and bankruptcy. it’s kinda like when the judge says they will not use your past to determine their decission but they read your file and it is in the back of their mind and they use your past any way so you see it does influence a decissio even after time.
You are correct on the dates for an FHA loan. 2 years and 1 day from date of discharge on BR. 3 years is correct on foreclosure, but not necessarily 3 years from the date you were foreclosed on. You will have to know the date the mortgage debt was forgiven and zero balance was reported. If you had an FHA mortgage foreclosed on it is a little more complicated. Talk to a loan officer who specializes in FHA mortgages.