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Bankruptcy

Mortgage Library: Ask a Mortgage Related Question: Answers: Bankruptcy

Question:

My mother and father filed for bankruptcy almost nine years ago and are now looking to buy a home. However they are worried that they may not be able to qualify for a mortgage. At this point they have about 5 thousand dollars they could put down on a home. Obviously they are not looking to buy anything extravagant. My father makes a little over 40 thousand , and my mother about 25 a year. They really have no bills except for cars, rent and utilities.

Please contact if you can be of any help.

Thank you

J. A.

Answer:

Dear J.,

Based on your question and the information you provided, you parents should be able to apply for a mortgage without worrying about their bankruptcy from nine years ago. Typically a bankruptcy should be discharged depending on loan program you apply for 2-3 years, with re-establiched credit since the bankruptcy. My recommendation would be for your parents to look into both a conventional fixed rate mortgage as well as an FHA mortgage. To better guide you, a loan officer would need to know, the price range of the home, a review of your credit reportand debts, as well as additional assets, if any, outside of your working capital of $5,000.00, length of employment, etc.

Effie Zacharoudis
Mortgage Broker
First Trust Mortgage Services, Inc.


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