When can buy a house if I have a bankruptcy?

If you have had a Chapter 7, 11 or 12 Bankruptcy:

• For a conventional loan plan on waiting 4 years with re established credit since the bankruptcy. You can have 2 years with extenuating circumstances.
• For a FHA and VA loans; the requirement is 2 years with re established credit since the bankruptcy or 1 year with extenuating cirumstances.
• Either way you must have clear CAIVRS report.

For a Chapter 13 bankruptcy:

• For a conventional loan plan on waiting 2 years since discharge date or 4 years since the dismissal. You can have 2 years with extenuating circumstances.
• For a FHA / VA Loan: You must be in the plan for 12 months with satisfactory payments and court approval or you must have a satisfaction of completion on the plan.

If you would like to discuss your options for a Phoenix Home Loan or discuss mortgage loan scenerios in Arizona, please call 602 993-0000.