Financing in Tampa>Question Details

ajwfl0627, Home Buyer in Tampa, FL

How long do you have to wait before you can qualify to buy a home after Chapter 7 bankruptcy?

Asked by ajwfl0627, Tampa, FL Tue Oct 16, 2012

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Ajwfl0627, typically 24 months. However, your credit history at that point should show an attempt to re establish credit and a good payment history during those 24 months.

During the 24 month waiting period, pull your credit and check that all accounts included in your BK show included in bk on your credit report. Sometimes this does not show up. Spend time cleaning up your credit and strategically plan to re build your credit.

If you do nothing during the 24 month period your credit history will reflect it. Read and learn how to repair your credit. This is important as you are the only one impacted by derogatory accounts and low credit scores.

Best regards,
Lynn Brock
Brock Realty Inc
1 vote Thank Flag Link Wed Oct 17, 2012
The typical waiting period after Chapter 7 bankruptcy is anywhere from 2-4 years depending upon the type of loan. It could be less if there were extenuating circumstances.

Good luck!
Debbi Tinker
Keller Williams
0 votes Thank Flag Link Wed Oct 17, 2012
Contact GTE Financial (Credit Union) or other credit unions as they have granted a mortgage much sooner on a bankruptcy and even a short sale than your typical lender that must have you FIT within the very strict guidelines required in order to immediately resell your mortgage.

All the best,
Alma Rose Kee PA
Future Home Realty
0 votes Thank Flag Link Tue Oct 16, 2012
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