+1 vote
I filed bankruptcy on bills have never been a home owner just rent how long do I have to wait to try for a mortgage
asked Mar 24, 2018 in Buying a Home by anonymous

1 Answer

0 votes
FHA has a two year waiting period after CHAPTER 7 BANKRUPTCY discharged date.  You can qualify for non-qm loans one year after Chapter 7 Bankruptcy discharged date.  10% to 20% down payment on purchase is required with non-qm loans.  640 credit scores minimum for 20% down payment on purchase.  660 credit scores require 15% down payment.  10% down payment on purchase requires 680 credit scores.

Gustan Cho NMLS 873293
Branch Manager
USA MORTGAGE
A Division of DAS ACQUISITION COMPANY NMLS 227262
The Gustan Cho Team at USA MORTGAGE
Email gcho@usa-mortgage.com
Website www.gustancho.con
answered Mar 24, 2018 by GustanCho (106,540 points)

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