Buying a Home After Bankruptcy - How Long Should You Wait to Buy?

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Many consumers with poor reputation do not even think buying a home after bankruptcy. While a bankruptcy does remain on your reputation description for up to ten years, this does not mean you cannot seek reputation while the whole ten-year time frame.

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Some people are able to buy a home within one to three years of discharging their bankruptcy. The exact time frame will vary depending upon the reckon for your financial difficulties and your reputation history since filing for bankruptcy.

The prominent point to remember is that you should not be embarrassed or intimidated about buying a home after bankruptcy. The longer you wait to buy a home, the longer it will take you to accumulate equity. If you can prove to a lender that you have increased your reputation rating and are no longer determined a risk, you will greatly heighten your chances of being popular ,favorite for a home loan.

The whole of cash you are able to provide for a down cost will also sway the time it takes to buy a home after bankruptcy. If you have a vast whole of cash for a down payment, you will find more lenders willing to think your loan application. While there are zero percent down loans available, this will only increase the whole of interest you will have to pay.

Fha Loans

If you qualify, Fha loans are a good selection for people who have previously filed for bankruptcy. Some lenders will approve a customer's loan just one year after a bankruptcy has been discharged. However, the customer will be asked to provide documentation with regard to the circumstances of the bankruptcy and proof of their current reputation situation. The type of bankruptcy you filed, either chapter 7 or chapter 13, will also sway how long it takes to buy a home. If you filed for a chapter 13 bankruptcy and are still manufacture payments, many times the trustee will not let you apply for a loan until you have completed your cost plan.

Interest Rates

As expected, whatever who has previously filed for bankruptcy will most likely be charged a higher rate of interest and often a higher fee for obtaining the loan. These types of loans are often referred to as "sub prime loans" and are favorite among customers who have a blemished or less than exquisite reputation history.

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