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My chapter 7 bankruptcy was discharged in Feb. 2010. I had a home that was forclosed on and was told that I couldn’t buy again until it has been discharged for 3 years. I know a bank wouldn’t be the best place to go, but I’m not really sure where to start to try to find the answer. I am in KY. Please help if you can! Thanks!

4 Thoughts on Can I buy a home 1 year after bankruptcy is discharged?
  1. Reply
    J man
    August 25, 2011 at 6:42 am

    You are screwed for at least 7 years

  2. Reply
    BabydueJuly11
    August 25, 2011 at 7:07 am

    Yes you can. But loaners may be a bit wary because of your credit history.

    Make sure you don’t put yourself into more dept with buying a house and have a good deposit. Also money in reserve if something goes belly up.
    Make sure that you can afford the mortgage too.

  3. Reply
    spalmer
    August 25, 2011 at 7:28 am

    Only if you can purchase the home fully in cash. The laws changed in November 2010, and for an FHA loan, you must now wait at least 3 years from the date the home is no longer in your name (after a foreclosure) or 4 years for a conventional loan. The foreclosure is typically not the same date as your bankruptcy discharge. After 3 years (if you go FHA), you should be able to qualify for a loan provided that your credit has gone back up, income is sufficient, and debt is low.

  4. Reply
    Nofx
    August 25, 2011 at 8:09 am

    Well I would suggest you speak to someone that can help you with bankruptcy issues. There is a consultant online that I used a couple of years back that I think could help you
    http://www.mb01.com/lnk.asp?o=3965&c=48277&a=79315

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