If You File Bankruptcy Can You Buy A House at Buying

If You File Bankruptcy Can You Buy A House. Bankruptcy will not prevent you from getting a house or a car. Fha will guarantee a mortgage loan as soon as 12 months after you file your chapter 13 case if you've made your chapter 13 payments on time, and you can show that you can afford the mortgage payments.

As we have explained before, bankruptcy can stay on your credit report for up to a decade, but you will be able to buy a house before that. In fact, it might even be the fastest way for you to be able to buy a house or car! Fha will guarantee a mortgage loan as soon as 12 months after you file your chapter 13 case if you've made your chapter 13 payments on time, and you can show that you can afford the mortgage payments.

8 Signs You Should Rent a Home Instead of Buy

If you plan to purchase a home while you're in a chapter 13 case, you will also have to get permission from the bankruptcy. Our experience has been that it takes two years after your discharge in order to get a decent mortgage. Trustees only consider the equity in your house when deciding whether you qualify for the bankruptcy exemptions under chapters 7 or 13. Even if you have a chapter 7 or chapter 13 bankruptcy on your credit report, you can still buy a home after a certain period of time.