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How many years do you have to wait to apply for a home loan after you have had a bankruptcy?
I have managed to build my credit back up after filing bankruptcy in January 2010 that included my home. I have a couple of credit cards and my credit score is just below 700, how likely is it that I will get approved for a home loan? Also, I've not worked since 2003 - I'm retired on disability and haven't worked since 2003.

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It's Real!!

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I also had a bankruptcy.  I wanted to buy a home after having to sell mine for literal peanuts.  I wrestled and wrestled with disappointment after disappointment.  I lost almost 2,000 on a deposit to have a home built.  Two days before closing I get a call from the bank saying there was a problem with a student loan I had my credit score had plummeted and too bad, so sad basically.  I was devastated.  A friend told me about NACA.  I was extremely sceptical.  I began the program and stopped, because I thought it was just some kind of sham.  I started again after losing money and being let down again and again.  I will be honest.  It is not an overnight thing.  You have to become disciplined with your spending and become timely with payments.  The great thing is your past is not held against you.  Your loan is not based on your CREDIT SCORE!  Bottom line, you have to do the work to show that you really want it (ie. not getting overdrafts, saving a bit of money but not anywhere near what you would have to for a traditional loan, write some letters of explanation).  To make a long story short, I am sitting here in MY HOME  telling you this story so you can contact for yourself.  I am paying LESS than I was paying for an apartment.  I could go on and on but just check it out for yourself.  They only thing I can say is that it is FOR REAL. 

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Quite likely...

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Talk to your banker or mortgage broker and see what they can do for you.  Based on your score you can certainly get an approval, so it just comes down to your debt-to-income ratio and ability to pay.  You can get a loan after Chapter 7 bankruptcy and you do have to wait for awhile, but you appear to be beyond those limits.  Different loan types have different restrictions:

-For FHA or VA loans you must wait 2 years from the date of discharge

-For USDA loans you must wait 3 years from the date of discharge

-For Conventional loans you must wait 4 years from the date of discharge


Once these time periods have passed, anyone will then be able to apply for a mortgage, but you must still qualify for the mortgage loan.  That may be the tough part after a bankruptcy.

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After 5 years you can get a mortgage. The longest wait is 4 years. I was told that for mine, I had to wait 3 years. My Bankruptcy was also Disability related. It took my FMLA company Forever to approve my claim so I had no choice but to file for bankruptcy. Don't feel worthless. Life is out of our control and there is nothing we can do about that. One more year and I'll be free, so to speak. I am trying to get my Mortgage put on Transunion & Equifax. I called my mortgage Co 2 mos ago and nothing yet. That would help my credit score and I have No idea why it was never added. I am not going to sweat it. It'll either get done soon or later. Life happens. Be Happy.

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Yjis reply was actually to smidget63   :)

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Home Loan after Bkrptcy

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My Bankruptcy was in January of 2010 - it is now March of 2015, so that means it has been over 5 years since I filed for Bankruptcy.  In the year 2014 President Obama made several speaches about Mortgage Companies allowing their customers to send in paperwork to their Mortgage Company asking about getting their loans to be considered for a lower interest rate.  He did this because in that specific year (2009) A LOT of people were filing bankruptcy and losing their homes - he did get the Mortgage Companies to comply and of course their were A LOT OF FAMILIES filing the paperwork and sending it into their Mortgage Company. (I'm sorry but, I can not remember what President Obama called the ACT but, if was OFFICIAL).  I sent in my paperwork, I called and was told that it might take 4 to 6 weeks to be processed.  Four weeks went by and I had not heard anything back from my Mortgage Company so I called in again.  This time I was told that they had received so much paperwork that they had hired another Company to take care of it for them, then the man that I was talking to actually told me that I would probably have a better chance at it getting looked at faster if I filled out the paperwork again and mailed it straight to the Company that was handling it for them.  So he sent me new paperwork and I filled it all out again and mailed it to this "Company" that was handling ALL of this for my Mortgage Company.  I waited...4 weeks went by, I waited until 6 weeks had passed and I called the "Company" to see how my "CLAIM for a RATE DECREASE" was coming along.  I wanted to know if it had been processed yet?  This time I talked to a woman (I do have all the dates that I called and the names of the people that I spoke to & of course I had copies of both sets of paperwork that I had mailed in - I made sure I had everything because I KNOW how these things can go!), this woman told me that she looked up my loan number but, she had NOTHING - NOTHING in her computer system of my paperwork being processed or even being logged in to THEIR SYSTEM!!  I was steaming but, I stayed calm while I told her that I had sent in the paperwork TWICE, the first time to my Mortgage Company and the 2nd set to her Company.  That all together I had been waiting to hear SOMETHING about my loan for approximately a little over TWO MONTHS, when I had been told in the very beginning that it would ONLY take  between 4 to 6 weeks - I told her that I thought that I had been pretty patient and had filled out this paperwork (the paperwork was about 6 to 8 pages long) I had done EVERYTHING that I was supposed to do so I really did not understand how she could not even find my LOAN NUMBER - meaning that they had NOT received ANY of my paperwork.  I wanted to scream but, I didn't - I asked her.....what am I supposed to do now? (By this time - it was early Fall of 2010, and I was having a VERY hard time paying my mortgage and all of the other bills - I knew if I let it go much longer I would not be able to make payments or if I did I would not be able to pay ANY OTHER bills.  She told me, fill out the paperwork again and send it to her attention - so I had a little bit of hope.  In the meantime - I talked to an Attorney and asked for his advice (I had a friend that was a Disability Attorney & called him & asked him to recommend someone to me & he did) so he talked to me for over an hour the 1st time we met. (The 1st meeting was free & because he was a friend of my friend he was giving me a little courtesy).  Of course he said that the best thing that I could do was quit making house payments and keep paying everything else, he also told me that after I had called him & made the appointment he had already did a little investigating on my Mortgage Company.  He said that the MAIN PROBLEM with me filing all that paperwork was that my Mortgage Company was actually FILING BANKRUPTCY themselves and another Mortgage Company had already acquired all of their "CLIENTS" but, had not sent out the letter yet telling them (ME) of the takeover!   He said that all that effort that I put in to getting my interest rate lowered to save my house was absolutely worthless!  So I had NO CHOICE, I didn't have time to try and sell it - because I could not make the payments, so I filed bankruptcy.  I have NEVER felt worthless in my life.  Then I had to take an online course after the Bankruptcy, I guess that is just part of it - everyone does.  During the course it told you that after Bankruptcy that the next thing that I HAD TO DO was wait, keep paying my bills on time, after a few years try to obtain credit - either apply for a credit card or wait to receive one of those in the mail but, be smart about which one you choose.  So that is exactly what I did, unfortunately I had to make a couple of major purchases in the third year after the bankruptcy.  I totatalled my car, it had been paid off for years and didn't even have 90,000 miles on it - at least I didn't get hurt.  Then I think six months later I had to put new brake pads on and the following year I had to put new tires on because of tire rot !  Thankfully I managed to get a decent credit card, then I got an offer to get another that gives you money back - so I applied and I acquired it, so now I am just paying the first one off and I don't charge anything unless it's an emergency.  So now I'm just paying the credit cards off and it has made my credit score go up - the only thing that holds my credit score down a little is because I co-signed for my son's 1st sememster in College.  I found out two years ago that I am LIABLE for the ENTIRE SCHOOL LOAN that he has received until he has paid it off!  He has been working full time now for a year and a half, a couple of months ago he took on a job as a server at a restaurant on the weekends so that he can pay the loan off faster!  YEAH !  The only thing is in this time I've gotten 2 letters from where he got his school loan reminding that his payment was due - so I told him that he CAN NOT be late with his payments, because I want to qualify for a Home Loan.  I'm renting a very small house and have been here for 3 years - I have NEVER had a late payment.  I am disabled, and as of December 2014 my doctor gave me a note saying that I could work PART TIME but, because of my hands I can not lift anything over 5lbs per hand and 10lbs using both hands.  It also states that I can only work in the afternoon for 5 to 6 hours - so it is going to be a LITTLE HARD to find a job when you have those kind of restrictions.  I've had FIVE SURGERIES on my hands and I still have Severe Carpal Tunnel.  I REALLY THINK THAT I SHOULD BE ABLE TO QUALIFY FOR A HOME LOAN, I have waited 5 years - I am 52 years old and I want to find a home where I will NOT EVER have to move again.  I say that because I have to rely on my family (my younger brother, cousins and my son) to help me move - I can pack everything but, I can not lift it after I have packed it and I really hate having to rely on other people to get things done - just makes me feel worthless again.

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