My husband and I have been discharged from a chapter 7 bankruptcy. How long do we have to wait to buy a home?

CELITA G: My husband and I have been discharged from a chapter 7 bankruptcy. How long do we have to wait to buy a home?
My husband has a home loan guarantee through the military but what good is it if we cant get financed?

Answers and Views:

Answer by DannoREA
24 months last I heard. Considering the current disposition of the market, it could be even longer.

Answer by PIE R SQUARED
If you make a large down payment, you can buy a house at any time.

Answer by godged
None, you need to have 2 years of seasoning on a bankruptcy before lenders will consider lending to you.

Answer by Real Estate Guru
Unless you want to pay double-digit interest rates, I would suggest you wait 4 years.

Don’t repeat the same mistakes that led you to the bankruptcy again…b/c the court won’t let you file it again.

Re-establish at least 4 lines of credit, this can include a car, and have a perfect payment history…no lates…the rules are different for borrowers with a prior BK than those that didn’t have one.

Then you should be able to get a very good loan and good rates.

If you do it now, you will pay out the nose.

Answer by Emerson A
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn’t stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.