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David Kravets

Senior Loan Officer
307 Waverley Oaks Road, Ste 409, Waltham, MA 02452
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NMLS: 32721

About David

I have been in the mortgage industry since 1997. I worked as a Senior Loan Officer at the North American Mortgage Company / Dime Savings Bank / Washington Mutual for three years, where I was recognized as the "Top Retail Producer" in 2001 and 2002, and was granted a "Million Dollar Award." In 2002, I was offered a Branch Manager position at Stockton Turner & Company, where I organized and ran a top producing branch for a period of four years, and was awarded the "2004 Legion of Merit Award for Outstanding and Superior Performance". I continued my career path as a Branch and Regional Manager with Amerifund Financial, Inc., American Nationwide Mortgage Company and Home Savings of America. During that time, I was awarded with such recognition's as “The National Congressional Committee’s Business Advisory Council” and “The Wall Street Journal Businessman of the Year” in 2003 & 2006. I also received "Congressional Medal of Distinction in Recognition of Outstanding Meritorious Service by the National Congressional Committee 2005 & 2008", among others. I joined Guaranteed Rate in order to have all the tools and technology necessary to serve my past and future clientele and referral partners as well as to share my knowledge, expertise, vision, experience and success. Because Sharing is Caring!

Marina del Rey, CA
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Bankruptcy and Buying A New Home



Last month we covered the pros and cons to filing bankruptcy. For those who have filed bankruptcy in the past (or recently) it’s good to know what it takes to get approved for a new mortgage loan.


The first thing potential loan applicants should know is that the answer depends greatly on several factors, but one of the most important ones is the nature of the bankruptcy filed. As we previously covered, Chapter 7 and Chapter 13 are different, have different requirements, and waiting periods.


Chapter 7 bankruptcy will involve a waiting period where a consumer cannot apply for a new loan. The standard waiting period for FHA borrowers who have a Chapter 7 on their credit history is two years. It’s important to note that in the case of FHA loans the waiting period begins when the bankruptcy is discharged, not when it was initially filed.


Chapter 13 also has a waiting requirement, but has an added requirement for the borrower to provide additional documentation. The standard waiting period for FHA borrowers who have a chapter 13 on their credit history is one year. As previously covered, a Chapter 13 involves a structured payment plan of the consumers debts. Due to this, proof must be provided that one year of the pay-out period has lapsed. The payment performance must be satisfactory. An additional requirement with a Chapter 13 is that the borrower must provide additional documents showing the court’s permission to enter into a new mortgage transaction.


An important factor to note with both Chapter 7 and Chapter 13 bankruptcies is that positive credit must be re-established. Borrowers should know that lenders expect the potential borrower to be establishing a record of on-time payments and credit reliability in the wake of a Chapter 7 or Chapter 13 bankruptcy filing. Any new derogatory information must be avoided at all costs. This is important for any major line of credit, but for those with bankruptcy on their credit history, the focus on this aspect of your credit behavior is even greater.


These are standards for FHA loans. Conventional loans, USDA, and other types of mortgage loans may have other standards, and individual lender requirements may also apply. Waiting times associated to bankruptcies are common and should be expected. State law, community property laws and other regulations may also affect waiting time or other bankruptcy-related issues.
Borrowers who are concerned about their credit in the wake of a bankruptcy filing should get credit counseling to help them financially prepare to become ready to borrow again. Even if you are still in the waiting period following the discharge of your Chapter 7 or Chapter 13, this counseling can be a big help on the road to home ownership. Companies like MSI Credit Solutions can provide a free consultation to discuss your credit rating. MSI Credit Solutions leverages your consumer rights and works on your behalf to increase your credit scores.


Call MSI Credit Solutions today at 866-217-9841 and receive a FREE consultation.

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MSI NEW LOGOMSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. Call today for your free credit repair consultation! Contact us at (866) 217-9841. 

*The information in this article has been provided strictly for educational purposes.

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