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How soon after bankruptcy discharge can you buya house? or is it better to wait and rent to own?

after identity theft I filed chapter 13 which was discharged this past February. I still have a va loan available, and my credit scores are lowest 650, highest 708.
  • June 18 2013 - Winnetka Heights
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Answers (6)

It depends. The new laws that are coming out the end of Sept are going to allow a 12 month wait period from the 3 year which is down from the 7 yr if you can prove it was a result of hardship like unemployment, illness or death of  loved one. Ck with your local lender. VA is good. Good luck and Happy House Hunting!
  • August 29 2013
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  • August 21 2013
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The answer will largely depend on you financial situation more than your credit situation. If you really want to buy a home credit is only one hurdle. It's complete possible to buy property with no credit depending in the terms. The question you are asking is can you get a mortgage after Bankruptcy. And the answer is it will take 2 years from discharge to get a mortgage and that is basically every mortgage program out there. The exceptions are portfolio loans. These are loans that banks or lending institutions do not sell on the market. If you have 30% down you can find some assets based loans that will lend to you right away. If you don't have that type of cash renting would be a better option.
  • June 18 2013
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Depending on your down payment, there are programs available 1 day after BK and short sale, with 25% down.
  • June 18 2013
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Profile picture for astrofan98
I checked with my lender.  VA uses similar guidelines as FHA regarding bankruptcy  You will need to wait 2 years from the date of discharge until you can close on a new VA loan. 
  • June 18 2013
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Profile picture for wetdawgs
It depends on how much you plan to use as a down payment, and the type of mortgage you wish to use. 

Rent to own will cut down your housing choices considerably, and many owners wish a down payment of 10%, 20% or more.
  • June 18 2013
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