How long after declaring chapter 13 Bankruptcy, can one Purchase a home?
I’m declaring chapter 13, to include a mortgage foreclosure, reposession of a car and 13 credit cards. I want to buy at some point in the future. How long before I can get a mortgage again?
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These people are crazy!!!! My husband and I filed for a chapter 7 bankruptcy 20 months ago. Everyone told us two years at least. Well, we are using a va loan, and we close on a house on Friday, with a 4 percent interest rate. It all depends. You need to establish new credit, and never be late on a payment within 12 months of applying for a mortgage. You will also have to write a letter as to why the bankruptcy was filed. And before I get loads of thumbs down, I AM correct, and like I said, close on a house on Friday. Good luck to you, and seek professional help whenever you want to apply. Alot of people don’t know what they are talking about, and every situation is different.
idk.
The clock starts NOT when you file, but when it’s discharged.
And then it’s usually 3 years for a house, but sooner for other credit. BUT you will be paying MUCH!!! higher rates.
NOTE: at this point in your life, you should be worried about getting your life together and learning not to make the same mistakes. THEN!!! worry about getting into debt later.
Because you are including a mortgage foreclosure it will be at least 4 years before you will be able to get a mortgage.
it’s common that most lenders will not consider financing for at least two years
At least 4 years and that is only if you keep your credit extremely clean during that time and are able to amass the funds as in down payment and closing. You will be paying a penalty type high rate for it also