Buying a Home After Bankruptcy - How Long Should You Wait to Buy?

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Many consumers with poor reputation do not even consider buying a home after bankruptcy. While a bankruptcy does remain on your reputation record for up to ten years, this does not mean you cannot seek reputation during the entire ten-year time frame.

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Some people are able to buy a home within one to three years of discharging their bankruptcy. The exact time frame will vary depending upon the suspect for your financial difficulties and your reputation history since filing for bankruptcy.

The important point to remember is that you should not be embarrassed or intimidated about buying a home after bankruptcy. The longer you wait to buy a home, the longer it will take you to procure equity. If you can prove to a lender that you have increased your reputation rating and are no longer carefully a risk, you will greatly heighten your chances of being beloved for a home loan.

The amount of cash you are able to provide for a down payment will also affect the time it takes to buy a home after bankruptcy. If you have a great amount of cash for a down payment, you will find more lenders willing to consider your loan application. While there are zero percent down loans available, this will only growth the amount of interest you will have to pay.

Fha Loans

If you qualify, Fha loans are a good option for people who have previously filed for bankruptcy. Some lenders will approve a customer's loan just one year after a bankruptcy has been discharged. However, the customer will be asked to provide documentation about the circumstances of the bankruptcy and proof of their current reputation situation. The type of bankruptcy you filed, either lesson 7 or lesson 13, will also affect how long it takes to buy a home. If you filed for a lesson 13 bankruptcy and are still making payments, many times the trustee will not let you apply for a loan until you have completed your payment plan.

Interest Rates

As expected, anyone who has previously filed for bankruptcy will most likely be expensed a higher rate of interest and often a higher fee for obtaining the loan. These types of loans are often referred to as "sub prime loans" and are favorite among customers who have a blemished or less than excellent reputation history.

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