Posted on: 30th Apr, 2010 03:31 pm
My husband and I both have bad credit and are thinking about a Chapter 7. In 3 years we wish to own a home, do you think thats possible?
Hi Guest,
Filing Chapter 7 will affect your credit score in a negative way. It will get reduced by 200 points. You will have to first rebuild your credit score and then look out for a loan. You should note that you will be able to get a FHA loan after 2 years of Chapter 7 discharge. In case of a conventional loan, you will have to wait for 4 years.
Thanks
Filing Chapter 7 will affect your credit score in a negative way. It will get reduced by 200 points. You will have to first rebuild your credit score and then look out for a loan. You should note that you will be able to get a FHA loan after 2 years of Chapter 7 discharge. In case of a conventional loan, you will have to wait for 4 years.
Thanks