Buying a Home After a Bankruptcy in Nashville, Tennessee, FHA Home Loans, Bad Credit Home Loan

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

Can I buy a home in Nashville, Tennessee after filing bankrupcy?                       APPLY ONLINE 

 

Yes, You can buy a home after a Bankruptcy

While most people beieve  that it takes years after the discharge of a bankruptcy to qualify fo a mortgage to puchase  a new home, they are only partially correct.  While most loan programs do require a waiting period of  3-5 years after a bankruptcy to purchase a new home, there is one program that will still 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.

 FHA loans simply require that the bankruptcy payments have been made in a timely manner and that all other debts have been paid on time since the date of the bankruptcy. (The minimum credit score requirements still apply,therefore  it is critical to know how the creditors are reporting your payment history.  They should not still be reporting late payments on accounts included in the bankruptcy)

Additionally, if you are still in the repayment plan of a chapter 13 bankruptcy,you 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 a Ch 13 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

Georgia: License # 36362

Albany, Atlanta, Augusta, Alpharetta, Athens, Canton,  Columbus, Dalton, Dunwoody, Johns Creek, Macon, Marietta, Roswell, Sandy Springs, Savannah, Smyrna, Valdosta, Warner Robbins

Kentucky: License # MC305583

Louisville, Lexington, Bowling Green, Owensboro, Covington, Hopkinsville, Richmond, Florence, Elizabethtown, Frankfort, Paducah, Independence, Danville

Louisiana: License # 35486

Alexandria, Baton Rouge, Bossier City, Central, Denham Springs, Hammond, Houma, Kenner, Lafayette, Lake Charles, Livingston,  Marrero, Metaire, Monroe, New Iberia, New Roads New Orleans, Prairieville, Shreveport, Slidell, Walker

Tennessee:  License # 108470

Bartlett, Bristol, Chattanooga, Clarksville, Cleveland, Collierville, Columbia, Cookeville, Crossville, Fairfield Glade, Franklin, Germantown, Goodlesttsville, Hendersonville, Jackson, Jamestown, Johnson City, Karns, Kingsport, Knoxville, Memphis, Morristown, Murfreesboro, Nashville, Oakridge, Smyrna, Spring City

Texas

Abilene, Amarillo, Arlington, Austin, Beaumont, Brownsville, Carrollton, Cypress, Dallas, Denton,  El Paso,  Ft. Worth, Frisco, Garland,  Grand Prairie, Houston, Irving, Killeen,  Lubbock, McAllen, McKinney, Mesquite, Midland, Pasadena, Plano, San Antonio, Tyler, Waco, Wichita Falls

 

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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