Asked 11/18/2010
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How soon after Chapter 7 bankruptcy can you buy a new house? How soon after Chapter 7 bankruptcy can you buy a new house? |
Answer 1/2 - Submitted 11/18/2010
Answer 2/2 - Submitted 1/27/2011
It depends on a few different variables. FHA will finance someone who is two years post-filing and has at least two open trade lines. They may or may not use the discharge date as the starting point.
The best thing to do is to rent and stash away as much money as is possible. Having more money for a down payment will cause lenders to give you a fairer shake. It may be that they give you a loan with a higher rate of interest, but it is a loan none the less.
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