when can I purchase a home

Question

I had a bankruptcy in Dec 2015 but the bank never took my home in foreclosure until a month ago.  the house sat empty for years. My husband had died and I couldn't afford the payments.  I really want to purchase a new home. been fixing my credit in the 700's now and can/will put down payment on the house.

Answer 1

There are mandatory waiting period to qualify for government and conventional loans after bankruptcy and housing events. You qualify with meeting the mandatory waiting period after bankruptcy. However, you need to wait 3 years from the recorded date of foreclosure to qualify for FHA Loan. However, you can qualify now with our non-qm loans where there is no waiting period after foreclosure, deed in lieu of foreclosure, short sale. Here is a blog i recently wrote on non-qm loans with no waiting period after foreclosure and bankruptcy: https://gustancho.com/no-waiting-period-after-foreclosure

Answer 2

Gus,

You are correct. It sounds like a NON QM loan will be best. You have a strong credit score! Depending on how you filed your bankruptcy you're waiting period may be over.  was your bankruptcy Chapter 13 or chapter 7? Was it discharged December of 2015? Or was that when you filed for bankruptcy? Please reach out to me, Mike Gracz from the Gustan Cho Associates for more details. I am an expert in NON QM mortgage lending if you do not qualify for conventional or FHA! You can reach me on 630-659-7644 or email me at mgracz@gustancho.com.