Buy own property after bankruptcy

Hi Danver,

You don't have to get disheartened just because you filed bankruptcy. You will be able to buy a property of your own even after filing bankruptcy. You may have to wait for 2-4 years depending upon the type of bankruptcy you filed and then apply for a mortgage.

Thanks

hi danver!

welcome to forums!

if you had filed chapter 7 bankruptcy, then you will have to wait for 2 years after the discharge to qualify for a fha loan and 4 years to qualify for a conventional loan. if you had filed chapter 13 bankruptcy, then you will have to wait for 1 year after the discharge to get a fha loan and 2 years to get a conventional loan.

feel free to ask if you've further queries.

sussane

Yes, it is possible for an individual to buy a home even after bankruptcy. This is because there are numerous reasons why people file for bankruptcy. These include losing a job, sudden medical bills, debt etc. Special loan packages and terms have been set by the mortgage lending industry for people who have filed for bankruptcy at some point in their lives. Lenders generally do not have much to lose when they approve a home after bankruptcy. Considering the fact that your home actually serves as a security for the acquisition of your loan, lenders feel confident in approving a home loan for you, that too as soon as you have discharged your bankruptcy.