The standard wait period for a bankruptcy discharge is 24 months. However, epending on the details and reasons for the bankruptcy you may qualify for a mortgage within 12 months of discharge, or if you are making payments on a chapter 13, after you have made 12 payments.
All of this requires that you manage your credit properly before the 12 or 24 months comes around so you are best off speaking with an experienced lender right now to put you on the track for ownership sooner rather than later.
I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage. Everyone likes to raise their score!
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
Rate quote or live chat with me at the link below:
We have a program that can remove bankruptcy, foreclosure, judgements, student loans and any other negative item on from your credit report within 30 to 60 days.
Its like getting a fresh start. And its Guaranteed.
Work on fixing your credit and getting systems in place so you manage your money and don't get into that kind of trouble again.
The sooner you do, the sooner you can buy again and build wealth with real estate.
If you are looking to pay cash then it's not going to stop you from buying. If you are looking for a financed deal then you will run into problems since most lenders require a 2 year wait period. Good luck!