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Trying to plan for a mortgage after a bankruptcy.

My husband and I want to purchase a home after our 2 years post bk is up. The 2 years after discharge is April 4th 2013. We have our lease at the home we are renting until about that time. We would like to buy after our lease is up. Since our bk, our credit scores have gone only up. My husbands credit score is around 660 and mine is in the lower 600s (not exactly sure as its been awhile since ive checked) We currently both have 2 lines of credit open, both of them being vehicles, that both are in good standing with, with payment never being late. My husband makes about 69000 gross a year. The only debts we currently have is those 2 vehicles and about a 3000$ medical bill from our newborn, which we are currently paying down. We would like to plan as best as we can to purchase at our 2 year post discharge if it is possible. But that is our question. Are we going to be able to get a loan (fha) when that time is up or is it better for us to plan on renting longer? Obviously we know that the longer we wait after the bk and longer that we have for our scores to improve the better, but we both think that buying a home after or 2 years is something that is for us. Any advice would be very helpful. Thank You.
  • March 20 2012 - Green Bay
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Answers (1)

Based on current FHA guidelines, you should be able to purchase after 2 years, as long as there was not a mortgage as part of the bk. The best advice I can give you is to continue to pay everything on time, and save money where you can. Your scores should continue to go up as you distance yourself from the bk.
  • March 21 2012
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