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I lost my home last year, and filed bankruptcy. How long until I can buy a home?

I bought my home when it was way overpriced, but at the time I thought if I didn't buy "NOW" I'd never get in. Now homes are at a price I can afford...but noone is willing to give me a loan. Any suggestions..I am a single mom and would really love to buy a home for my daughter and I at a more realistic price.

  • November 27 2009 - Vallejo
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Answers (7)

You are going to need lots of cash and a lender who might be able to do a hard money loan - where interest rates are high!
  • January 13 2010
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Profile picture for wetdawgs
Using co-signer assumes that you are qualified for a mortgage, although perhaps at a lower $$ level than your goal.   As you currently aren't qualified, I don't think a co-signer would help.

This is a superb time to rent.   IN most parts of the country, housing prices are still falling.   In this condition, it is a great time to be building up your down payment and your credit score so when the time has passed you will be ready to purchase your dream home.



  • December 29 2009
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Profile picture for kvat3r
Can I get a co-signer?????
  • December 29 2009
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2 years after a bankruptcy and 3 years after a foreclosure... Hope this helps!
  • November 28 2009
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I' sorry bout this late answer, 2 years you will be ok, but on your credit is not yust the time work on it ok bye .
  • November 28 2009
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With FHA financing 2 yrs. after discharge of B.K.

Good luck.
  • November 28 2009
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In a chapter 7 bankruptcy, you can qualify for a new mortgage through Fannie Mae guidelines Four years from the discharge or dismissal date of the bankruptcy action.

In a chapter 13 bankruptcy, you can qualify for a new mortgage through Fannie Mae guidelines Two years from the discharge date and four years from the dismissal date.
  • November 27 2009
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