Buy A Home After Bankruptcy, Chapter 7 or Chapter 13 Bankruptcy

May 28, 2013 - PRLog -- Many families affected by the housing crisis were forced to file bankruptcy between 2006-2010. Loss of employment, reduced salaries, job relocation, death of a spouse and divorce were some of the main hardships that families faced all over the country which resulted in bankruptcy filings.

Well the good news is, if you filed bankruptcy during this period you may be eligible to buy a new home or a resale home. http://www.buyhomeafterbankruptcy.com

Surprisingly many people have no idea when they can buy a home after bankruptcy and a lot of Americans are asking the magic question “how long after a bankruptcy can I buy a house”?

If you filed either of the two bankruptcies you may qualify for FHA financing based on these general rules:

-  Chapter 7: The minimum waiting period for an FHA insured mortgage is 2 years since the discharge date of the Chapter 7 bankruptcy as long as you have reestablished your credit and have not taken on new credit obligations. Like Fannie Mae, however, the wait may be reduced to twelve months if significant extenuating circumstances can be documented and you have since shown that you can manage your finances well.

-  Chapter 13: It’s possible to qualify for an FHA insured mortgage while in Chapter 13 as long as at least one year has elapsed since entering into the repayment plan, payments have been paid on time, and the bankruptcy court has given its permission for you to enter into a mortgage transaction. If your Chapter 13 has already been discharged, the standard waiting period is two years, but it’s possible it could be reduced or eliminated if you otherwise have strong qualifications.

If you are thinking about buying a home, you cannot have any late payments. All credit obligations must be current and in good standing. You must be gainfully employed or be receiving indefinite disability income. You must have reestablished credit. If you would like more information about obtaining a pre-approval to buy a home after bankruptcy, please contact, Lisa Jefferson, Broker, Atlanta Homebuyers Realty Group, 678.480.5054. Our firm work with several lenders who specialize in borrowers with less than perfect credit. The pre-qualification process is free and may take up to 72 hours for approval. Visit our website at: http://www.buyhomeafterbankruptcy.com