How soon can you buy another home?

[ItsJustMe]

I kind of know the answer to this. I'm just confused as, if I'm understanding correctly, even if the house foreclosure is included in the bankruptcy that the house will happen much later. So far as I can tell, it would take the same 'timeline' as a foreclosure w/out the bankruptcy, right?

So, buying a new home. If it takes the bank forever to foreclose (which it sounds like it will, CA house w/CW mortgage) then is your 'buying' date 4 years from BK or 4 years from the foreclosure?

[Vanda]

I am pretty sure your buying date is based on the date of foreclosure. I thought it was 5 years for fannie mae, 3 years for FHA? Anyone?

[Mark80]

I was also wondering this, my house was set for auction yesterday. So I am guessing its been through the foreclosure process and my timer has begun?

Our main goal from this point on is saving for a home, we have a 3 year lease now. Hoping to renew it so I have 6 years before we buy, but would love to have the option asap.

And does a co-signer help with getting qualified?

Thanks

[ItsJustMe]

From what I've read, FHA will lend (assuming you have decent - 620 - credit, and the income ratio is right, etc) 3 years after foreclosure and 4 years after foreclosure w/bankruptcy. But do those terms start at discharge, or when the bank gets around to foreclosing. That's where I'm lost (because it sounds like it could be months to a year beyond discharge by the time they get around to it!).

[mickeysfriend]

4 years? I thought it was 2

[All Cash]

FHA will allow 2 years after Chapter 7 discharge. If the home was not re-affirmed and included in the bankruptcy.

[Goodgrief]

I was a mortgage broker for almost a decade and I know you "were" able to do an FHA after 2 years if you have no other dings in that 2 years on your credit. They may have or will tighten up credit requirements so google it and do some research. Actually you can do a land contract the day your out of bankruptcy. LC isn't a bad way to go especially if your credit is burnt. Just make sure you have the deed recorded on the LC at the county court house. Also you will want to pay every payment with a check. You need the paper trail to refi down the road as most LC's aren't reported on credit(trust me on this one it will save your ass).

[chad9162]

FHA will allow 2 years after Chapter 7 discharge. If the home was not re-affirmed and included in the bankruptcy.

I agree with ALL CASH. Foreclosure date should not matter if you included the mortgage in the BK and did not reaffirm. Most programs say 2 years for BK.

If you reaffirmed then the foreclosure would count and the clock would start over so don't reaffirm!

Each lending program is different when it comes to credit worthiness. Some will let you go sooner than 2 years (VA) if you can show credit worthiness.