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Buying a home after a Bankruptcy, Knoxville Loan Program for those with Chapter 13, Bad Credit
Can I buy a home in Knoxville, Tennessee after filing bankrupcy?
Yes, You can buy a home after a Bankruptcy
While most people assume that it takes years following the discharge of a bankruptcy to qualify for a new home, they are only partially correct. Most loan programs do require you to wait 3-5 years after a bankruptcy to purchase a new home, there is one program that has maintained its that will allow you purchase a new home one day out of bankruptcy. In fact, it even allows some to purchase a home while still in bankruptcy.
The FHA Guidelines state in the 4155.1:
"A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
The FHA guidelines simply require that the bankruptcy payments have been made in a timely manner and that another debts have been paid on time since the date of the bankruptcy. (The credit score ... more
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