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Logan122904 · Joined: 11 Mar 2009 Posts: 2 2.03 Dollars($)

HI,

I was browsing through the community, trying to figured out how many years that I have to wait to purchase a home after Chapter 7. My Chapter 7 was discharged on Mar.4, 2008 so it's already has been a year to date. What i've heard is that you have to wait 2 years til I can start looking for a home again. My score is fair, 659, 641, 667 as of Nov. 2008. I only have one secure card since Oct. 2008 and planning on getting one more to build credit.

I would appreciated if anyone could give me some sort of answers...I've been getting the run around from agents and lenders when ask. With my situations should I just wait til the 2 years is up?

Thanks,
Savuth

smithsussane · Posted: Wed Mar 11, 2009 8:53 pm Post subject:

Hi Logan!

Though your credit score is good, you will have to wait for 2 years after the discharge to get a FHA loan. However, for conventional loans, you'll have to wait for 4 years after discharge. And if some lenders do get ready you offer you a loan, they will be charging higher interest rates from you. So in my opinion, it would be better if you could wait for 2 years and then look for loans.

Feel free to ask if you have further queries.

Sussane

Guest

Look Logan,
Look for rent to own or lease option deals. Believe it or not, some people need to sell for other reasons but it hurts them to take the cash.Look to those guys that buy houses for cash....they work deals...see an attorney to do the contract.

Logan122904 · Joined: 11 Mar 2009 Posts: 2 2.03 Dollars($)

Hey JD, I never thought about that route. Thanks...it's one more option that I am looking toward at. But like Sussane said, I think I am just going to wait til the 2 years is up. It will give me some time to save some money for down payment. I appreciated the help from the both of you.

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Time period for buying a home after Chapter 7