Home Buying in Orange>Question Details

Martha G., Renter in Orange, CA

New credit, but Want to buy!!'

Asked by Martha G., Orange, CA Sat Nov 17, 2012

My Husband is going to file for 'bankrupt'. Can he attempt to buy a home once his process is done? Or is it a necessity to build credit??
It's a shame he didn't take care of it, I guess he didn't think he'd start a family so soon in his life!

Help the community by answering this question:


Hi Martha

There are a couple of lenders I know that will help you. Would need to get more information on your circumstancesof course.
Yes most lenders want you to wait a period of time because of the BK
Talk to you soon to see how I can help you

Ingrid Ski Realtor
0 votes Thank Flag Link Sat Nov 17, 2012
Here in California, most lenders will require you to wait at least 3 years depending on the type of bankruptcy. However many lenders may require you to wait 7 years. It's best to check with your loan officer to get precise information.
Web Reference: http://www.time2movein.com/
0 votes Thank Flag Link Sat Nov 17, 2012
Most mortgages require 2 years from the discharge to loan again. Yes he will need to rebuild credit. you could visit a local and trusted loan officer who can guide you with what he needs to do to get a mortgage in the future.
0 votes Thank Flag Link Sat Nov 17, 2012
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