Bankruptcy Foreclosure – How long do I wait to purchase a home?

One of the most popular questions we get here at Key Credit Repair is “How long after a bankruptcy can I purchase a home?”.

The events leading up to a bankruptcy can be absolutely traumatizing but bankruptcy can provide an immediate sense of relief. Having a “clean slate” financially is a pretty wonderful thing. One of our top ranked mortgage partners, Savvas Fetfatsidis has forwarded us some pretty amazing information in regards to bankruptcy, foreclosures, short sales, etc.

So, here it goes…….

FHA Loans:

Chapter 7 Bankruptcy-2 years after discharged.

Foreclosure-3 years after completion.

Short sale-3 years after completion. P.S. If you are wondering the difference between doing a short sale and just letting your home go into foreclosure is in regards to purchasing a home might be? Well, there isn’t any for FHA financing. Only with conventional financing will you find a difference.

This is pretty amazing information. Millions of consumers assume that you need to stay on the sidelines for the next 10 years because of bankruptcy. It’s just not true! Give us a call today. Our Post Bankruptcy program is the most aggressive and inexpensive option to ensure that you will be bankable in the shortest period of time after your bankruptcy is discharged. The moment you have the discharge letter from the court you can reach out to us for a FREE Consultation. You can reach us toll free at 877-842-5215. Also, I would like to thank Savvas Fetfatsidis for this wonderful information. Savvas is the Vice President of Lending at Guaranteed Rate Mortgage. His contact information can be found below.

Savvas Fetfatsidis
Assistant Branch Manager/VP of Mortgage Lending
P: 617.532.2005
C: 781.366.4849
F: 617.830.0466
NMLS: 35213
27-43 Wormwood St Suite 310 • Boston, MA • 02210NMLS ID 2611 | NMLS Consumer Access
Licensing Information:

bankruptcy guidlines