Financing After Bankruptcy

I may have to file bankruptcy in the next month or so. I currently rent an apartment and my wife and I are looking to buy a house of our own (owner occupied) by this time next year. We won’t have a whole lot for a down payment. I’m the only one that would file for bankruptcy, and my wife’s credit isn’t very good (high 500’s). Are there any lender’s that will give us a mortgage within a year? Anybody have any suggestions as to how we may obtain financing? I’m thinking we may need to get creative with this. Thanks


I am in the mortgage industry, and i can assure you that if your wife is not involved with the BK than there is no reason that you guys will be prevented from buying a home. If her scores are in the high 500s there should be no problem going with an FHA loan that will allow you to put only 3% down. Of course, she would be the only one going on the mortgage so her income has to be decent in relation to the debt that you hold and that you intend to take on with the home. If her scores are in the very high 500s to low 600s you should be able to get a fannie mae loan at 100%. Either of these loans will have PMI that will need to be paid, but there will be no prepayment penalty.

Hope this helps,


There are funding sources that will lend 1 day out of bk. and will lend up to 100% with a 525 score, but the debt ratio does have to be in check…no more than 50%.