Posted on: 26th Jul, 2013 12:29 am
We had to file bankruptcy due to large medical bills. And also got a discharge from it recently. Now we are tired of renting. Can we buy a property?
If you have recently received a discharge from the bankruptcy filing, then you will not be able to get a mortgage soon. If you had filed Chapter 7 bankruptcy, then you will have to wait for 4 years to get a conventional loan and 2 years to get a FHA loan.
Have patience and wait for 4 long years so that you can get a mortgage loan within your means. Improve your credit score at the mean time.
Regardless of the reason for the bankruptcy, generally speaking, the earliest you can apply for a loan is 2-years after the discharge date. Depending on some variables, it could be longer. But once it is two-years old, go sit down with a local mortgage broker to discuss your options.
