How long before I can purchase a home after a Chapter 13 Bankruptcy?
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If I was to file for Chapter 13 Bankruptcy, how long would it take for me to be able to purchase a home with FHA. How long will it take before creditors approve me for credit.
Thank you,
FHA does not look at credit. They only look at your ability to repay based on your debt/income ratio.
FHA does not look at credit. They only look at your ability to repay based on your debt/income ratio.
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Has your bankruptcy been discharged? Finalized, if you will? Then, you should be able to regain your life and credit then. I wouldnt prior to that, while your case is still open with the bankruptcy courts, but once it is finalized and done, you should be good to go.
Approving you for credit is another story. Many say filing Chapter 13 is better, but I disagree. I personally think filing chapter 7 and wiping all the debts out is the best. I have had people who filed Chapter 7, once it was finalized, got credit cards immediatly as they know you cannot file for another 7 years, so they got you.
Getting credit again after bankruptcy is not as hard as you might think, but putting a time limit on it is unreasonable and hard to really do with accuracy. Just try. You will either get it or you wont. Thats the bottom line.
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