Buy a Home After Bankruptcy


It is not uncommon for many folks to be forced to go into bankruptcy during a foreclosure.  The good news is you can qualify fairly quickly to buy a home again after a bankruptcy.  With homeforeclosurecenter.com’s proven success working with borrowers, we can get you into a home in the shortest amount of time possible.  The most important thing you can do is re-establish credit.  We will put you on a specific path of action to increase your credit immediately!  Our experienced loan consultants are experts on the bankruptcy loan requirements and the wait periods for buying a home again.    For current wait period guidelines, please see below:

 

FHA Loans:

For Chapter 13 bankruptcy, you do not have be discharged but you will need a letter from the Bankruptcy court allowing new financing.  Once you are discharged from Chapter 13, you can buy a home immediately with FHA.  If the buyer is still in the courts, you will need to wait one year from filing date to qualify to purchase a new home after bankruptcy.  For Chapter’s 7 and 11, the requirements are two years from discharge date.

VA Loans:

For Chapter 13 bankruptcy, you do not have to be discharged but you will need a letter from the Bankruptcy court allowing new financing.  Once you are discharged from Chapter 13, you can buy a home immediately with FHA.  If the buyer is still in the courts, you will need to wait one year from filing date to qualify to purchase a new home after bankruptcy.  For Chapter’s 7 and 11, the requirements are two years from discharge date.

Conventional Loans:

For Chapter 13 bankruptcy, you will need to wait two years after your bankruptcy has been discharged.  For Chapters 7 and 11, the wait period to purchase a home again is four years.

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