Can I Buy A Fort Lauderdale Home After Filing Bankruptcy?
On behalf of Bankruptcy Law Firm of Clare Casas on Wednesday, October 27, 2010.
In a previous blog entry, I answered a common concern that people have when considering whether to file bankruptcy. Can I buy a house again? The answer to that is yes, you can. After two years, you can qualify for an FHA mortgage again if you have qualify. So, how do you qualify?
In order to qualify for an FHA mortgage after a Chapter 7 bankruptcy, you must first wait until two years have passed since you received your discharge. During this two year period, you must have also re-established good credit and achieved a minimum credit score of 620. FHA guidelines currently define that as having at least three (3) credit lines that have been active for at least twelve months and always paid on time.
There is a misperception that once you file bankruptcy, you won't be able to get credit or buy a house for as long as the bankruptcy is on your credit report. This is false. Most of my clients begin to receive credit card offers in the mail again just months after their case is discharged.
Don't let what other people have told you about bankruptcy keep you from finding out the facts from a qualified professional.