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Question By
nursedeejay8

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June 26th will be 2 yrs from my discharged Chapter 7 bankrupsty. Will i be eligible for a mortgage?

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You should be, I was in Chapter 13 and I bought a house 2 years into my Bk..... I had to ask my lawyer the request to incure debt though. Chapter 7 is a little more harsh to creditors though (in my opinion) Because you legally excuse yourself from all liabilties of repaying your debt. (I'm not being judgmental I don't know what caused you to file; we all go through hardships) I'm just saying that lenders will look at this as a red flag because of the choice of filing. To answer your question though; yes you should (credit and score will be the determining factor though) You may have to explain your way as to why you filed for Bk in the first place though. Good luck my friend..

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Reply by
redguy411

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Helpful to 1 out of 1 people

Also look into FHA loans, they are the best to apply for (in my opionion) They only require 3% down payment of the total loan amount. They are "Federally insured or backed" They will usually offer you current up to date interest rates. I think you need around a 630 score to qualify...... Take your time get approved for a mortage before you go house hunting, this will help you budget for the right house... Remember our emotions can cause you to go overboard.....

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