How hard is it to buy a home if you've filed for bankruptcy and you're a first time homebuyer?

Asked by Dawn Bailey, Miamisburg, OH Thu Aug 2, 2012

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Anna M Brocco, Agent, Williston Park, NY
Thu Aug 2, 2012
Depends, is the bankruptcy discharged...much will depend on the type of bankruptcy, the circumstances leading to it, current income, debt, etc.; for a personalized answer visit with any licensed loan officer; generally it can take two to four years after discharge....
1 vote
Rebecca Hall…, , West Chester, OH
Tue Sep 4, 2012
Hi Dawn, there are several factors that go into purchasing a home after bankruptcy. The first is the length of time since the bankruptcy occurred. The typical "loan officer" answer is that it will be approximately 3 years before they will look at you for a loan. The next factor is whether or not you've been paying your bills on time SINCE the bankruptcy. The third factor will be your work history and the amount of loan you can "afford" based on several formulas. Fifth will be the down payment you are able to provide. My best advice if you are looking to purchase a home in the near future is to get a copy of your credit report and meet with a mortgage lender. We have a lender right in our office at Coldwell Banker West Shell and I'm sure other Realtors do as well. By looking a lender with a broker's office, you can get their information as well as a general outlook on the market to see what you might be able to afford. Good luck with your search.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Aug 2, 2012
The bankruptcy will not help your chances in any way and make it difficult. Speak to a lender to find out for sure.
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