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babygal6488

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how can i get a mortgage with a bankruptcy?
I have a Ch.7 Bankruptcy from July 2010 due to a divorce and ex-husband putting all the debt in my name and it costing more to go to court over it then it would have been paying it off. I have a 640 credit score two credit cards that i have always paid more than minimum on every month. Me and my BF are saving our pennies but due to the crowding where we live we want out asap. He has worse credit than i do so we would like to at least have me as the primary. Does anyone know if we can even get a mortgage??

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oooo ok i was totally misunderstanding it i thought ya'll meant discharged from my credit report!! that makes so much more sense!!! thank you very very much there is hope!!! :)

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the bankrupcy is on my record for 10 years and i just had it in July 2010, therefore it wont be discharged until July 2020 than another 2 years would make it July 2022 so ok 11 1/2 years close enough which is to long to wait i will just save my pennys and work on my fiances credit more

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Reply by
wazungu4

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No, your bankruptcy would have been discharged (finalized) by the court a couple of months after you filed in 2010. That is the date you count from.

You can qualify for an FHA loan in 2012 even though the bankruptcy will still be on your credit reports for another 8 years. It is the court that discharges your bankruptcy, not the credit reporting agencies.

To qualify so soon you have to keep your credit record perfectly clean after the bankruptcy. The purpose of the bankruptcy laws is to give you a chance for a fresh start, not to punish you for 10 years. So be careful and good luck!

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It's ok that it says BK on the report.  Your good to apply for a FHA home loan 2 years after the BK is final ( discharged ).  Your discharge date should be on your credit report.  2 years not 12 years.  Good Luck.

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well since the bankrupcy is on my credit for 10 years thats 12 years we do not have that long, anyone know of any bad credit loans? or places that will finance with bankrupcy?

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This is the current criteria for a FHA home loan:

2 years out from discharge of chapter 7 BK.

3 years out of foreclosure.

Need 640 midscore credit score.

You must be near perfect on credit since the BK.  Good Luck.

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