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Can a bankruptcy person still buy a house ?

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September 23 2013 - Boston
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On August 15th, 2013, the U.S. Department of Housing and Urban Development Issued "Notice H 2013-22" which effectively adds what they call an "Economic Event" to the list of examples of extenuating circumstances with which an FHA purchase money mortgage may still be originated.  The "Economic Event" as defined by HUD and FHA requires a good deal of scrutiny to determine eligibility, but in a nutshell, if you can show that your credit was in good shape prior to and just 12 months after your "Economic Event" it is possible a short sale, bankruptcy, deed-in-lieu and even a foreclosure can be considered part of an extenuating circumstance, allowing you to obtain FHA purchase financing.  My farm area is on the opposite coast from where you are located, but I encourage you to locate a lender in your area who understands this new program and can work with you accordingly, and wish you the best of luck!
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September 24 2013
It is possible but you should talk to a mortgage professional to get more details.
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October 31 2013
No, that is not possible. There is usually a wait period of 2 years after the bankruptcy discharge where you will then become eligible again to obtain a loan. Up until that point, make sure all your payments are on time because these next two years will be looked at carefully if you plan to buy a house in the future.

Well I hope this helps!
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September 24 2013
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Yes but there is a waiting period, typically 4-7 years from the discharge date depending on the product. Two years after discharge is possible for FHA depending on your circumstances leading up to the BK.
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September 24 2013
While you are actively filing bankruptcy and/or immediately after, no.  I am not a lender but within a couple of years after the bankruptcy is discharged, you should be able to (provided you qualify). 
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September 23 2013
 
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