where can i get a loan to buy a house after filing chapter 7 bankruptcy?

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I live in Indiana, I’m filing chapter 7 bankruptcy, found another home I would love to buy, and that I can actually afford this time! I’ve been told that it is possible to buy a house even one day after disclosure, does anyone know of a mortgage company that will do this?

What are the mortgage disclosures that a mortgage broker is required to disclose to their customers ? includes loan officers, bankers.

8 Comments
  1. Reply
    moataz171
    February 9, 2011 at 2:26 pm

    ask God..or work ur bhind off..OR live in apt

  2. Reply
    evelyn s
    February 9, 2011 at 2:39 pm

    try a loan shark good luck with that don’t get shot

  3. Reply
    nickelrustler
    February 9, 2011 at 2:52 pm

    Any will honestly…just at a higher rate…try Countrywide, Saxon, Household Finance, or Lending Tree…any of them should be accommodating

  4. Reply
    First Lady
    February 9, 2011 at 3:32 pm

    It may take awhile to find a lender that will take a chance on you. I’ve been told that it’s best to wait a couple years after filing before trying to get a loan like that. You’re going to be considered a “bad risk” for awhile. I, too, have filed Chap. 7 so I know what you’re going through!!

  5. Reply
    laughter_every_day
    February 9, 2011 at 4:25 pm

    You have demonstrated that you cannot be trusted to pay your creditors. So, anyone that would trust you now is going to demand so much interest, and so much built-in equity as to be prohibitive. After you screw your creditors, it takes time to put your financial life back in order. Lots of time.

  6. Reply
    Robb L
    February 9, 2011 at 4:40 pm

    I am a loan officer that specialized in providing mortgages for people with recent bankruptcies (0 – 36 months from discharge).

    There are actually many loan programs that do not require any waiting period after a bankruptcy discharges. However, these programs have other guidelines that make getting a mortgage right after the discharge very difficult.

    Here is what you need for most home loan programs that have no waiting period after a bankruptcy discharges:

    1. Bankruptcy must be discharged.

    2. Twelve months worth of verifiable rent or mortgage payment history (I do have several programs that do not need this).

    3. Two credit scores over 600.

    4. Credit history – usually one account with 24 months and two with six months history. They have late payment history but they cannot have been charged off, included in the bankruptcy or sent to collections.

    5. Income sufficient to pay the mortgage and your other bills.

    Even if you can meet the five conditions listed above often you still will not be able to be approved for a loan. Funding a home loan after bankruptcy is like reaching safe ground after walking through a mine field. So please, do not be over confident because you meet these conditions and only use an experienced loan officer that specializes in this type of loan.

  7. Reply
    Mark Pfeiffer
    February 9, 2011 at 5:23 pm

    A mortgage professional is mandated to provide the loan application (1003), Good Faith Estimate (GFE), and Truth in Lending (TIL) documents after 72 hours of loan application. A GFE is the breakdown of all the cost of the loan and the TIL discloses the APR of the loan and whether there is a prepayment penalty.

    Other disclosures will be necessary for the loan, but these three are the time-sensitive disclosures as they provide a substantial amount of information pertinent to your potential loan.

  8. Reply
    tonalc1
    February 9, 2011 at 5:41 pm

    All fees, an explanation of where the fees come from, and the legal nature of their duties to customers.

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