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


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.


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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