That depends on what type. It is possible to purchase again after bankruptcy after the following time frames and conditions have been met.
A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must have
â€¢ re-established good credit, or
â€¢ chosen not to incur new credit obligations. An elapsed period of less than two years, but not less than 12 months, may be acceptable for an FHA-insured mortgage, if the borrower
â€¢ can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and
â€¢ has since exhibited a documented ability to manage his/her financial affairs in a responsible manner.
A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender documents that
â€¢ one year of the pay-out period under the bankruptcy has elapsed
â€¢ the borrower's payment performance has been satisfactory and all required payments have been made on time, and
â€¢ the borrower has received written permission from bankruptcy court to enter into the mortgage transaction.
Bankruptcy (Chapter 7 or Chapter 11) A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action. Exceptions for Extenuating Circumstances A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.
Bankruptcy (Chapter 13) A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The waiting period required for Chapter 13 bankruptcy actions is measured as follows:
â€¢ two years from the discharge date, or
â€¢ four years from the dismissal date. The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge.... more
First thing I tell all First Time Home Buyers, go see a local lender. Sit down and meet with them, there is no obligation nor cost. See what the rates are, what your total mortgage would be, how much you qualify for, type of loan(s) that is best for you, how much you need to put down. A good lender will not only show you where you two are at now, but what (if anything) you need to work on.
Once that is complete, look for a local Realtor on Trulia.com or Zillow.com, I would suggest find one that says they are Buyers Agent, works with 1st Time Home Buyers, and has plenty of reviews, so you can see what kind of agent you will be working with.
Best of luck. Buying a home should be an exciting and educational experience.
Michelle, I realized this evening, after receiving your e-mail, that we are in the same homeschool group. Hope you got the forward about Teen Time tomorrow. Please call me on Friday at 592-0868. I'll be in North Vernon and could come over to your house (basically know where it is) and meet with you. When your husband & children were at our home last month, they told me of this situation. I have a solution. Just call or text. Thanks.
Kim Ammerman... more
The real value of your home is what a ready, willing and able buyer will pay you. Estimating a range of what to expect is best done with a well constructed pricing analysis. Find yourself a very good local agent and put her to work. You'll get your answer.
Unwavering Commitment to Service... more
I am a realtor in North Vernon, IN. This is a great question! My husband & I (we own Century 21) have a home for sale in town, our former personal residence, that is almost 1600 sq. ft. At the price of $80K, that makes it $50/sq. ft. If you are really interested in making an offer on the 1200 sq. ft. house, make one that seems reasonable, something you can afford, but not insulting to the current owner. If you aren't aware of their situation, they make be very willing to negotiate quite a bit. Are you currently working with a realtor? If not, e-mail me at email@example.com. I have a meeting this morning, at the office, then the Muscatatuck Board of Realtors Meeting at Noon.... more