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How long to wait to buy another house after bankruptcy?

I want to downsize due to a divorce. I filed bankruptcy in 2010. How long do I have to wait to buy another house?
  • June 30 2012 - McDonough
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Answers (5)

Two years if it's chapter 7. The rest of your financial, credit and work history will have to be in order also to be eligible like anyone else.  Good luck.
  • June 30 2012
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if .  
How long you will have to wait is a changing  answer. Used to be at least 7 years before any one will consider giving you a loan.  Today different banks have different time frames.

They are all going to look attyour overall financial situation.  Cash  on hand, amount of debts , employment history and amount of debt to income ratio and other facts that will indicate the kind of risk that you represent.

Also they might offer you a loan at much higher interest rates due to the risk that you represent.  Not to be ignored are the reasons why you filed for bankrutcy.  Was there a true hardship that led you to bankruptcy or was it poor management and too much risk taken....
  • June 30 2012
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Profile picture for Ofe Polack
Call a few  lenders and seek their advice.  Good luck!
  • June 30 2012
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Profile picture for eramos90
Usually you want to wait at least 3 years before trying to pursue another loan. I would recommend talking to a loan officer about your options and what you need to do to get back on track, so you can buy again.

Also, you can find a lot of loan officers who will help you along the way and will keep in touch with you when you think you are where you need to be to buy again.
  • June 30 2012
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Profile picture for wetdawgs
There are a number of questions that a lender would need to explore such as type of bankruptcy, date of discharge, current FICO scores, etc.

You can find lenders in the professional directory (click on "Professionals" in the top line).   Clay Branch is one in Georgia who seems to give sensible advice in Advice.  Give him an E-mail or call.

  • June 30 2012
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