Legal Question in Bankruptcy in Indiana
credit after chapter 7 bankruptcy
I filed chapter 7 bankruptcy last year. Since I no longer have any credit card bills I now feel that I have money to buy a house. Will I be able to get a mortgage this soon after a bankruptcy or will I have to wait for a while? If I can, will there be stipulations?
1 Answer from Attorneys
Re: credit after chapter 7 bankruptcy
There is no legal answer to your question. The reality is that it will take 2-3 yrs post bankrupcy before someone will underwrite you for a loan. If you qualify for an FHA loan, they require 2 yrs of waiting. I tell my clients 3 yrs. You may be able to find someone to loan you money quicker than that, but it depends upon how agressive you want to be. One ote - WATCH THE INTEREST RATE. You aren't desparate, so you shouldn't have to pay 11% for a house. You rate will be higher, but do not take any loan that is 2 points above prime.
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