If you’re ready to buy a home but you have a bankruptcy in your past, there’s good news: The waiting period may not be as long as you think it is.
Can You Buy a Home With a Bankruptcy in Your Past?
You can buy a home with a bankruptcy in your past. You have to wait 7 years before you file for bankruptcy after filing the first time, and the bankruptcy itself does stay on your credit report for about 10 years.
However, if you wait four years, you can begin to get better rates with a conforming loan.
How Far in the Past Must Your Bankruptcy Be?
Your bankruptcy will affect your ability to buy a home, but it won’t necessarily stop you from doing so. Some hard money lenders will give you a loan just 6 months after a bankruptcy (but the catch is that they’ll require a 20 to 35 percent down payment, and the interest rate will probably be pretty high).
Other lenders have different requirements, so your best bet is to get in touch with your financial institution and start asking questions.
Are You Looking for Homes for Sale in Tampa’s Suburbs?
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Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.