- Free Consultation: (202) 448-5136 Tap Here To Call Us
How Long After Bankruptcy Until I Can Buy a Home?
You finished your bankruptcy and got rid of your debts. Now you may be asking yourself: How long after bankruptcy until I can buy a home?
The chapter of bankruptcy matters
It may not surprise you, but lenders view Chapter 7 and Chapter 13 bankruptcies very differently. Chapter 7 is the quick and easy process of eliminating debt, whereas Chapter 13 is a repayment plan over several years. Lenders view Chapter 13 much more favorably than Chapter 7 when considering whether to approve a mortgage application.
How long after bankruptcy until I can buy a home?
If you want to obtain a Fannie Mae conventional loan, you will have to wait four (4) years from the date of discharge in your case to apply for a mortgage.
If you wish to obtain an FHA loan, you must wait two (2) years after a Chapter 7 discharge. But for FHA loans, you need wait only one (1) year after a Chapter 13 discharge.
Play the waiting game
Immediately after a bankruptcy filing, your credit will not get you fantastic interest rates. Private lenders use credit scores as their primary determinant for mortgage eligibility. After bankruptcy, you will need at least 12 months of paying your bills on time.
Often it will make sense to wait until you have repaired your credit before you apply for a mortgage. If you come up with a sizable down payment (15 percent or more), however, most lenders will consider you for financing.
They Called. They're Glad They Did.
Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
