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I filed bankuptsy and it was discharged Aug 10 how long do i have to wait to apply for a home loan.

im a first time homeowner.
  • March 14 2011 - Columbus
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Answers (11)

I thought this community was comprised of professionals offering unbiased and non-prejudicial advice.
Bankruptcy laws in this country were designed to give those over whelmed by debt a fresh start. It is up to the learned court to determine if the circumstances warrant a discharge of debt.

Whether you like it or not its the law of the land SteadyState.

Cherry79 asked a simple question which deserves a factual answer not a soap box lecture.
  • March 24 2011
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If (God forbid) cherry79's kid had cancer I would rather see the money go for the child's treatment rather than an agents pocket as commission!
  • March 22 2011
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After the 2 year mark, you should be able to apply and get an approval. The terms may sting a bit though. Prepare yourself by re-establishing some positive credit asap.
  • March 22 2011
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Every bank is different, call your local mortgage broker. 
  • March 22 2011
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What if cherry79's kid was diagnosed with cancer and accumulated $500,000 in medical bills?  Not every BK happens because they ran up $10,000 in credit card bills on spring break. 

Her actions over the next 24 months will determine if she can get a loan.

Paul  
  • March 22 2011
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Sine the people on this board are saying two years.... Let me ask - which one of us would lend money to cherry79 two years after the bankruptcy?
The banks will perform similar scrutiny for the next few years - then after ten years they will forget and bring back liar loans so we can all go through another "great depression".
  • March 21 2011
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2 years on a chapter 7 bankruptcy.    While you are waiting, open up a secure credit card and practice borrowing money with that.  It should start to pull your score back up as well.

Hope this helps
Paul 
  • March 21 2011
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The length of time varies depending on the type of financing you are trying to get, and sometimes the lender you are dealing with. I would suggest calling a few lenders to get an idea of how long you will have to wait, but also as an opportunity to find out what you can do to better your situation to give you the best chance at qualifying for a loan when the time comes. Best of luck to you in the future.
  • March 19 2011
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I am very sorry for your financial difficulty.
However, your post suggests that the lesson does not appear to have registered so in the interest of furthering your education I will say something tongue in cheek.

The NAR and it's members wants to thank you for your continued support of our commission stream and the tax payers are cutting staff at the local school and Universities to support your addiction to borrowing and spending carelessly.
  • March 15 2011
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A minimum of 3-years.

Happy funding, Rudi
  • March 15 2011
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Usually 2 years from discharge.
  • March 15 2011
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