We now offer a full, free bankruptcy consultation completely over the phone – call today! 602-334-1000
We now offer a full, free bankruptcy consultation completely over the phone – call today! 602-334-1000
Wednesday, April 9, 2014
In a word, “yes.”
If only it were that simple.
Was your bankruptcy easy? Probably not.
Was it easier than you thought? For most people, probably yes.
Buying a house after bankruptcy is no different.
Can I Buy a Home as soon as I Receive My Discharge?
In a word, “no.” It would be great if it worked that way. Your bankruptcy is over. Your debts are gone. No creditors are calling and no one is trying to sue you. Wouldn’t it be nice if you could just walk into a bank and be approved for a mortgage? Although it can be done, purchasing a home after filing for bankruptcy is going to take some time and effort.
What Steps do I Need to Take before I Can Buy a Home?
It’s not just you, it’s me. In fact, it’s everybody. The days of easily qualifying for a mortgage are long gone. Years ago, if you could fog a mirror, you could buy a home. Now everybody is held to a higher standard.
Score Yourself Some Credit
After filing for bankruptcy, you are not going to have a good credit score. It’s just a fact of life. But you can work toward building it back up. In fact, if you work hard enough, within two years you can have a modestly good score; good enough to purchase a home no less.
Here is what you can do about…
Show Me the Money!
Oh, how we long for the days of a mortgage without a down payment. These days, the industry standard seems to be 20% down. I’m not saying you won’t be able to buy a home with less, but you will be hard-pressed to find somebody who has done so in recent memory.
Here are some options to build your savings…
The possible ways to save are virtually endless.
With a little hard work and determination, you can probably be in a position to buy a new home in just two years after your discharge. So get cracking!
