How Long Can I Buy A House After Chapter 7? Perfect Time To Know

Buying a house after your bankruptcy case will probably come easier or quicker than you think. However, how long can I buy a house after chapter 7 bankruptcy? This remains the doubt of almost every person. While buying a house, every people eager to know about how long can I buy a house after chapter 7. Well, it depends on the different types of loan options that you adopt. The exact time of buying a house after chapter 7 bankruptcy remains different for FHA loans, conventional loans as well USDA loans. But, before knowing all about this exact duration for buying a house after chapter 7, it will be too much crucial for you to know the main concept that is what is Chapter 7? 

What Is Chapter 7?

It is a powerful legal tool in the US that allows you to erase several debts. This includes credit card debt, medical debt, car loans, and payday loans. As per the estimation of experts, more than 39 million Americans have filed for bankruptcy. It is more than most individuals think. If you have more debt to be able to pay it back, choosing Chapter 7 bankruptcy may be the right option.

How Long Can I Buy A House After Chapter 7 Bankruptcy?

Well, as per the above discussion, this depends on which type of home loan option you adopt. It can be FHA loans, conventional loans as well as USDA loans. Frankly speaking, if you have gone through a Chapter 7 bankruptcy, to qualify for conventional loan, you will have to wait at least 4 years since a court discharge bankruptcy. Apart from that, if you want to be eligible for the USDA loan, you will have to wait at least 3 years after your bankruptcy dismissal. FHA and VA loans require a two-year waiting period from the time of the bankruptcy dismissal. So, these are loan options for which the period of buying a house after chapter bankruptcy is different.

Final Points To Remember: 

As per the above paragraphs, bankruptcy does not prevent you from buying a house. After the debt relief provided by bankruptcy can increase the rebuilding of your credit, bankruptcy can speed up your ability to be able to buy a house. How bankruptcy will influence you, relies on your specific situations. Oftentimes, a chapter 7 bankruptcy will be your best choice.

In some chapter 7 bankruptcy cases, you may be eligible to file your free bankruptcy using the real estate diary tool. In other cases, you may require to see an attorney for the free initial consultation. In addition to this, it may make sense to hire a lawyer if you can afford it. However, using a real estate diary tool will be the best option for you. Regardless of the method, you use; a real estate diary would like to see you in your new home. 

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