How long after bankruptcy can I purchase a home? 26 Answers as of August 11, 2011

I just filed for bankruptcy recently and I would like to look for new homes. I realize that it is soon after my bankruptcy, but I need a place to stay. What are my options?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
your BK will be reported on your credit report for 7-10yrs. lenders will look at your credit report when deciding to extend credit to you, so it's really up to them
Answer Applies to: Washington
Replied: 8/11/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
It will all depend on whether or not you can qualify for a mortgage, have your down payment and can make the payments and ends meet. Bankruptcy is not meant to prevent anyone from having credit ever again, nor is it to prevent people from owning homes. It is to give people a fresh start.
Answer Applies to: New Hampshire
Replied: 8/9/2011
Heupel Law
Heupel Law | Kevin Heupel
It depends on how much money you put down and the type of financing, but for people who filed bankruptcy and are buying a home with a FHA loan, it is three years after filing bankruptcy.
Answer Applies to: Colorado
Replied: 8/9/2011
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
NO LAW BUT USUALLY AT A HIGHER RATE AFTER 3 YEARS
Answer Applies to: California
Replied: 8/8/2011
Theodore N. Stapleton, PC
Theodore N. Stapleton, PC | Theodore N. Stapleton
Many mortgage companies find you more attractive as a loan candidate after filing bankruptcy. I am happy to discuss these and any other questions you have.
Answer Applies to: Georgia
Replied: 8/8/2011
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    If you are still in bankruptcy, you cannot go in debt more than $1,000 without the court's permission. If you have been discharged, it depends on your circumstances. I have had people able to obtain a mortgage relatively quickly because of extreme changes in circumstances, for example both were unemployed, but then got really good jobs. Generally it is about two years, and you reestablishing your credit during that time. If you can't wait or get a regular mortgage, look for a land contract. I have had many clients able to get a home almost immediately after being discharged that way. Good luck!
    Answer Applies to: Michigan
    Replied: 8/8/2011
    Apple Law Firm PLLC
    Apple Law Firm PLLC | David Goldman
    Much of that will depend on how much the home is and how you are paying for it.
    Answer Applies to: Florida
    Replied: 8/8/2011
    Glen A. Kurtis, P.C.
    Glen A. Kurtis, P.C. | Glen A. Kurtis
    You can purchase a home anytime. The more important question is how soon can you get a mortgage. T
    Answer Applies to: New York
    Replied: 8/8/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    If you have received your discharge in bankruptcy you can apply for a home loan immediately.
    Answer Applies to: California
    Replied: 8/8/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    You'll never know if you can get a home loan unless you try. Your income and job status are far more important determining factors than having a bankruptcy on your record.
    Answer Applies to: California
    Replied: 8/7/2011
    Lake Forest Bankruptcy
    Lake Forest Bankruptcy | Anerio V. Altman, Esq.
    Probably renting and probably not until your Bk is discharged. Make sure you have enough money for a first and last month's deposit on a rental and put it into a savings account for a three month period following your case. Landlords will want to see money there in the account. I don't think you can buy a house for at least 3 years. That's not a hard and fast rule, just an average.
    Answer Applies to: California
    Replied: 8/7/2011
    Breckenridge and Walton
    Breckenridge and Walton | Alan D. Walton
    Nothing in the bankruptcy law would keep you from purchasing a home. If you want to borrow money to do so, many lenders now want that bankruptcy filing to be at least 3 years ago.
    Answer Applies to: Michigan
    Replied: 8/7/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    You need to talk to a mortgage broker. Legally, you can borrow money immediately if you can find someone to lend it to you. It takes 2 years after a bankruptcy discharge for most people to qualify for regular mortgage rates. Your situation, the property you are seeking to buy, and the amount of down payment you have will all affect how easy it is to get financed for a home purchase.
    Answer Applies to: Colorado
    Replied: 8/7/2011
    Mankus & Marchan, LTD
    Mankus & Marchan, LTD | Tony Mankus
    There is no legal restriction on purchasing a residence after bankruptcy; it is a matter of credit worthiness as determined by your potential lender. One way to find out is to apply for a loan and see what the bank says.
    Answer Applies to: Illinois
    Replied: 8/6/2011
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    It matters if you foreclosed on a home also or just eliminated unsecured debt. If the latter, then about 2 years
    Answer Applies to: Florida
    Replied: 8/6/2011
    Eric J. Benzer, Attorney at Law
    Eric J. Benzer, Attorney at Law | Eric Benzer
    As soon as you can afford to pay for it
    Answer Applies to: Maryland
    Replied: 8/6/2011
    Ross Smith, Attorney at Law
    Ross Smith, Attorney at Law | Charles Ross Smith III
    There is no statute or rule that prevents you from buying a home now. In fact, you have some advantages as a borrower; 1. You owe no debts. 2. You can't file bankruptcy again for 8 years. FHA, VA, and HUD all have rules on how soon you can apply for one of their loans. So does every bank. Many will lend to people who are 1 year out of bankruptcy, if you have a substantial down payment. 20% is a good start. Naturally you don't get the lowest rate, but you can buy. But your best bet is to save up a nice down payment and find an eager realtor. Tell the realtor that you have a down payment and you want to find a rent to own or land contract home. There are a lot of them available. You will have to be determined and maybe willing to work on "fixer upper." Good luck.
    Answer Applies to: Ohio
    Replied: 8/6/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    2-3 years, depending on whether there was a foreclosure. If you were just discharged, live on cash for the next 2 years and don't apply for credit. Check your credit report soon and be sure everything is properly shown as included in BK. If not, make them fix it.
    Answer Applies to: Virginia
    Replied: 8/6/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    If you filed a chapter 13, you can't incur new debt without court approval. In a 7 you can, but lenders may be unwilling, as your lawyer certainly told you, to allow you to file. A good broker may help you find homes with lease purchase and other nontraditional options. Do not sign anything unless your attorney okays it.
    Answer Applies to: Georgia
    Replied: 8/6/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Rent for a little while, then can possibly buy home in a couple, three years if you qualify for loan.
    Answer Applies to: California
    Replied: 8/6/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    There are people with a 800 score wh can't buy a home rigth now. No one can answer that question. .
    Answer Applies to: California
    Replied: 8/6/2011
    Melinda Murphy Dionne, PC
    Melinda Murphy Dionne, PC | Melinda Murphy Dionne
    There is no set answer to your question. In my 25 years of experience, most people are able to rebuild their credit and be in a position to buy a home within 24 months of filing a Chapter 7 case. As you work on rebuilding your credit, you might consider a lease/purchase. Other options might include having a co-signor or simply renting for a while until you reestablish your credit.
    Answer Applies to: Alabama
    Replied: 8/6/2011
    Grasso Law Group
    Grasso Law Group | Charles Grasso, Esq.
    It depends on what chapter you filed under. If it was Chapter 13 and you are still in your plan period, then you will need permission from the court to take on new debt. If you filed Chapter 7, then you just have to wait until your discharge is complete.
    Answer Applies to: California
    Replied: 8/6/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    To get a mortgage after the bankruptcy dischage in Chapter 7, it typically takes about 2 years to qualify with most FHA lenders and 4 years for others. That's not to say it is impossible to get a home right after receiving a bankruptcy discharge but it would depend on a lot of factors.
    Answer Applies to: Indiana
    Replied: 8/6/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    You may have to wait 2-4 years to purchase a home. You should talk to a real estate broker or lender.
    Answer Applies to: Washington
    Replied: 8/6/2011
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