Buying A Home After Filing For Bankruptcy

It's true, that many individuals believe that once they file for bankruptcy they will never be able to qualify for a home loan again. Individuals also believe that should there be a chance that they could qualify, it would take ten to fifteen years before they could even try. We are about to blow your minds right now when we tell you - this is all false. Did you know that in some cases, those individuals that have filed for bankruptcy can apply and even qualify for a home loan after only three to seven years?

Individuals are filing for bankruptcy more and more in today's economic status. Know that you are not alone if you are thinking of, or have already filed. With this being said, the main focus thereafter should be the re-building of your credit and the focus on new financial goals. Just because you have filed for bankruptcy does not mean that your credit rating is wiped out for eternity. Actually, your new financial future is just beginning.


When an individual chooses to file for bankruptcy they are essentially either re-organizing their debt to make it easier for them to pay monthly bills, or they are completely wiping their debt clean to start anew. Any way you slice it, your financial stresses are being minimized.

With respects to a home loan, it is quite dependent on your particular situation and/or the Chapter of bankruptcy you choose to file for. Consulting with an somekeyword can help you determine which is the right fit for you. There are many ways in which to qualify for a home loan after filing for bankruptcy:

* If all judgments have been paid after a twenty-four month waiting period

* If all outstanding IRS or liens have been paid or put onto an allocated payment plan as per the wishes of the Internal Revenue Service

* If three years have passed, or more, regarding the foreclosure of a past home

Again, each situation is different, so it is important to speak with an experienced bankruptcy attorney when looking to file. Theses individuals will know specific federal and/or state laws that may work in your favor. The next matter of importance is that of interest rates after bankruptcy.

Interested rates vary by bank and by the status of the economy and federal funds. With this, interest rates will vary even more with respects to the individual's credit score and past credit history. In the case of bankruptcy it may be the case that your particular home loan will have a higher interest rate. Although, if you wish to purchase a house and re-build your credit, it is often a good idea to take your qualification and make the buy.

Be realistic after filing for bankruptcy. Banks and lien holders are going to want to make sure they can count on you paying your home mortgage each month. By paying other bills after bankruptcy in full and on time prior to applying for a mortgage loan, you can start to re-build a smart and positive credit rating that will serve you well in the future.

Jeff Davis is the Owner of the Davis law firm and a highly experienced somekeyword. To find out more information about a somekeyword, please visit somekeyword.

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