Can you still buy a house after a bankruptcy? Mortgages by Bliss - Utah

Can you still buy a house after a bankruptcy? Mortgages by Bliss - Utah

So if you have gone through a bankruptcy or
short sale or foreclosure and you think you can't buy a house? I'm here to tell you that you absolutely can. There's a lot of misconceptions in the industry
and I want to help to dispel a few myths about that. So on a chapter 7 bankruptcy you can actually
do an FHA or VA loan after 2 years , a USDA loan after 3 and a conventional loan after
4 years. If you have had a chapter 13 bankruptcy, that's
where you're paying back to the courts some of the money owing on your debts, you can
do a purchase transaction if you are currently in the bankruptcy, you just have to meet certain
criteria.

Now if you've had a short sale, that's where
you sold your house for less than what you owed and the bank wrote off some of the money
that you owed on that house, you can do a VA loan after 2 years, FHA and USDA after
3 years and conventional its 2 years if you're putting 20% down and 4 years if you're putting
10% down. Now if you've had a foreclosure VA again is
only 2 years. USDA and FHA is 3 years and conventional is
5 to 7 years. So those are the dates , there's a lot of
other things that go into this, but I'm happy to walk you through that. SO if you've had any of these events in your
life just give me a call, we'll talk through your situation and make sure you can get into
a home as soon as you're ready to and soon as we can get you through underwriting.

bankruptcy

Thank so much!.

As found on YouTube

Looking to see what kind of mortgage you can get? Click here to see

Leave a reply

Your email address will not be published. Required fields are marked *