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Can you get a home loan right after your chapter 7 is discharged?

Posted on: 09th Jun, 2009 09:35 am
My husband and I are in process of filing a chapter 7. We are rent a home and want to buy it down the road. Our lease is a rent to own lease on the house. Once the chapter 7 is discharged can we get a home loan to purchase the house? We do have a down payment, each month part of our rent is set aside, for closing cost and down payment. Or would we better off filing a chapter 13, because I do know that after a year paying on time to the chapter 13 you can get a home loan. Thanks
Hi

You cannot get a loan right after a chapter 7 discharge. You'll have to wait at least for 2 years before you could be eligible for a new home loan. You'll also have to improve your credit a lot in order to get the loan. But filing chapter 13 is no doubt a better option. It has a positive effect on your credit, if you make your payments on time under the chapter 13 repayment plan. If you make your payments unfailingly for 1 year under chapter 13, you do have a chance to qualify for a new home loan.
Posted on: 10th Jun, 2009 05:22 am
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