Bankruptcy laws were put in place to help rescue people from financial prison, specifically if they find themselves in trouble through no fault of their own. ?It could be due to medical bills, unexpected job loss, a layoff. ?When you live paycheck to paycheck ? or even if you have any kind of medical emergency ? bankruptcy can happen.
However just because you have declared bankruptcy, it doesn?t mean you?ll be ineligible to buy a home for the rest of your life. ?After a couple of years, you can again qualify. ?From?Tamara Schuster, a broker from Illinois,
FHA is available 2 years after Chapter 7 discharge ?( Bankruptcy) EXCEPT that if there is a foreclosure, the rule is 3 years after the foreclosure is complete ? meaning generally 3 years from the date of transfer of the deed to the next owner (could be a buyer or the bank if they hold the property).? So people with a foreclosure face a longer wait even if their credit has been reestablished.
If you are looking for a home, be completely truthful with your lender so they can tell you definitely whether you are qualified now or if you need to wait a few more months or another year.
Source: http://shakandjill.com/2013/02/you-can-buy-after-bankruptcy.html
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