buying house after bankruptcy

[roberto6564]

What is the name of your state? Texas

How long after filing for bankruptcy would buying a new house be ideal ? I filed last month and moved into our first home 1 1/2 years agi but we were wondering if we have to get a bigger place in 1-3 years how it would affect us since we filed.Would our interest rates be very high? right now i have 6 1/2 %.

Thanks

[LindaP777]

Originally Posted by roberto6564

How long after filing for bankruptcy would buying a new house be ideal ? I filed last month and moved into our first home 1 1/2 years agi but we were wondering if we have to get a bigger place in 1-3 years how it would affect us since we filed.Would our interest rates be very high? right now i have 6 1/2 %. Thanks

You will probably be able to find lenders to give you a mortgage a year or so after you've declared bankruptcy, but certainly your interest rates will be much higher with potentially steep closing costs! You are a high risk to any lender.

[HomeGuru]

Originally Posted by roberto6564

What is the name of your state? Texas

How long after filing for bankruptcy would buying a new house be ideal ? I filed last month and moved into our first home 1 1/2 years agi but we were wondering if we have to get a bigger place in 1-3 years how it would affect us since we filed.Would our interest rates be very high? right now i have 6 1/2 %.

Thanks

**A: the time factor is less of an issue in years if you are looking at buying again. The lender goes by the date of discharge. You need to keep up a good payment history and increase your FICO score.

[HUD-1]

To get an FHA backed mortgage, it is usually 1-2 years after discharge date, not filing date. Conventional loans would be slightly longer from discharge. There are subprime lenders out there that will be offering loans, but downpayment and interest rate will be higher.

[HomeGuru]

Talk to a mortgage broker.