Is it possible to get a mortgage after a bankruptcy has been dismissed for 4 years?

Question

originally filed chap. 13 to try and repay but couldn't because of med. bills and husbands loss of job so filed a chap. 7. has been 4 years and would like to buy a home or do an rent w/option

Answer 1

Try www.fha.gov.

Answer 2

yes it is possible.  I am doing it right now (bankruptcy was discharged a little over 2 1/2 years ago.  FHA will be your best bet.  Be aware that the documentation will be exhaustive and you will have had a great credit history after filing (i.e. no late payments).

My underwriting process was a pain (just when I thought they couldn't ask for more info they did) but if you keep in mind that since we HAVE filed for bankruptcy we are in fact a substantial credit risk - you should be able to come through ok.

What is your credit score (I know it will be lower since bankruptcy on file but it should have rebounded a bit since discharge was 4 years ago) and income? Length of employment history?  These are mitigating items that will help the lender look at you more favorably.

Good luck to you!