How soon can I buy a house after bankruptcy?

The short answer is, it depends.  As with any credit-based loan, mortgage companies look at the same factors to determine your credit-worthiness.  Some of these factors include your debt-to-income ratio, credit score, length of time on the job and length of credit history. 

Some credit experts say that you can be approved for a home mortgage loan the day after your Chapter 7 or Chapter 13 discharge.  Although filing for consumer bankruptcy does not preclude an individual for applying for a loan, this is probably atypical.  Mortgage experts say the typical bankruptcy consumer waits 18-24 months before applying for a loan and many are approved.

It is critical to apply the skills learned in the mandated credit counseling course and treat your credit with respect in order to obtain a mortgage loan or any other credit-based loan.  Securing the expertise of a seasoned Fears | Nachawati attorney will ensure that you follow the steps needed towards the path of credit-worthiness.