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

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.

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.

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.

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.

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.

It matters if you foreclosed on a home also or just eliminated unsecured debt. If the latter, then about 2 years

As soon as you can afford to pay for it

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.

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.

Rent for a little while, then can possibly buy home in a couple, three years if you qualify for loan.

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.

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.

You may have to wait 2-4 years to purchase a home. You should talk to a real estate broker or lender.

There are people with a 800 score wh can't buy a home rigth now. No one can answer that question. .

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.

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.