When can you purchase a home after filing for Chapter 7 Bankruptcy?

We filed in March 2011. We have a car loan, a secured credit card and a secured credit loan that we have been on time each month with since the filing. My husbands credit score is 660 and mine is 610. We both have full time jobs, he has been at his for 5 years and I have been at mine for 12 years.
(0) | asked by: Anonymous | share | 59 months ago | Report

Answers

Viewing Answers 1 - 2 of 2
answer by Team Move OVM    |   Visit My Website   |   Contact Me
3 years discharge is typical for most programs with re-established credit which you have done well. Make sure you don't have any late payments since the bankruptcy and pay your rent by check each month so you can provide the last 12 + months cancelled checks to prove you paid on time. Also keep your credit card(s) balances around 10% of the limit if you can to maximize your scores. Having a down payment and money left over for reserves will help a lot as well. FHA, VA, and USDA will be great options for you though.
0
0
Answer Helpful?
59 months ago  |   Report   |   share
answer by Catherine Matthews    |   Contact Me
A bankruptcy will remain on your credit report for 10 years. However, how long it will take to secure a home loan will depend on your actions and the lender. After filing bankruptcy, lenders want to be certain you have a steady income and at least a 2 year history of "on time" payments. Use the time to save money for the downpayment and closing costs. These 3 actions indicate financial responsibility which is what lenders want to see.
0
0
Answer Helpful?
59 months ago  |   Report   |   share
Please read Homes.com's Questions & Answers Community Guidelines.