Going through a bankruptcy is devastating in so many ways. You can 't borrow money, open or use a credit card (unless it 's secured) and it will also significantly lower your credit score. But don 't let all that stop you from getting on with your life and that includes buying a house. Now, bear in mind, if you 've just had your bankruptcy discharged, it is going to take some time to get your financial house back in order. However, if you have a game plan for overcoming your current situation, such as making whatever lifestyle adjustments are necessary, having a solid financial plan in place, staying organized and be willing to practice a great deal of patience, then you will be well on your way to recovery before you know it.
How Long After Bankruptcy Can I Buy a House?
Well the answer to the question "how long after bankruptcy can I buy a house" is, that depends. So let 's go into to more detail about what "that depends" really means.
How soon you can buy a house after bankruptcy will depend on what form of bankruptcy you filed, a Chapter 7 or Chapter 13 bankruptcy and so will the type of loan you are able to get. Different types of mortgages have different requirements for when you can be considered for a mortgage and that 's in addition to each mortgage company 's own individual requirements as well.
What About Buying a House After a Chapter 7 Bankruptcy?
After a Cha...
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...ne or more of the major credit bureaus.
Try to rebuild your credit slowly and when you have some new credit, make sure you make your monthly payments on-time. Better yet, try to make your monthly payments early and make more than your minimum monthly payments whenever possible. It 's also a good idea to show some job stability by keeping the same job for an extended period of time. Then do everything in your power to have any outstanding tax liens removed.
Another great way to rebuild your credit is to, if you can afford it, apply for a high interest rate loan like a vehicle loan. This will help strengthen your credit as well, if you make your payments on time. If you do this, you can refinance that high interest rate vehicle loan at a later date as your credit improves. This will help lower that high interest rate you received when you first applied for that loan.
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