Buying a home after a Bankruptcy, Knoxville Loan Program for those with Chapter 13, Bad Credit

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Mortgage and Lending with Van Dyk Mortgage NMLS:98535,Corp 3035

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 requirements still apply, so it is critical to know how your creditors are reporting your payment history.  They should not still be reporting late payments on accounts included in the bankruptcy)

Additionally, if the consumer is still in the repayment plan of a chapter 13 bankruptcy, they would need to get written permission from the bankruptcy court to obtain the new mortgage debt.

If you think you may qualify for a FHA home loan based on the information above or if you would like to discuss your situation to see if you too can benefit from the FHA loan program that allows you to purchase a new  home loan after filing for bankruptcy, please feel free to call me at 866.435.6553 or you can visit me online at www.mcdonaldmortgage.com or 

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Specializing in Government Home Loans.  FHA, VA and  USDA Rural Development

 

Alabama: License # 52935

Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadseden, Florence, Bessemer, Madison, Prichard, Phenix City, Homewood, Vestavia Hills

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Tennessee:  License # 108470

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We offer VA Loans,  FHA Loans, USDA Loans, and more across Alabama, Louisiana, Texas and Tennessee

 

Bill McDonald NMLS # 95835

VanDyk Mortgage NMLS # 3035

 

Bill McDonald-VanDyk Mortgage

705 Gate Ln Suite 202 104

Knoxville, TN 37909

(865) 686-8711

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