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  1. #1
    Join Date
    Oct 2011
    Posts
    1

    Default Buying a Home After Filing Bankruptcy

    My question involves bankruptcy in the state of: iowa if i short sale my house after it is discharged on bankrptcy how long do i have to wait to buy another house i have heard so many storys 2 yrs -4 yrs and i also heard that bankruptcy supercedes shot sale so i only have to wait 2yrs after bankruptcy instead of 2 yrs after shot sale

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Buying a Home After Filing Bankruptcy

    You have to wait until you can afford to buy the new house. The closer you are to bankruptcy and the worse your credit, the more expensive a mortgage is apt to be.

  3. #3
    Join Date
    Jan 2010
    Location
    New Jersey
    Posts
    3,666

    Default Re: Buying a Home After Filing Bankruptcy

    No bank will give you a mortgage until you build your credit and show the bank your credit worthiness.

    How long it takes you to rebuild your credit is up to you, but I can tell you one thing, it's not going to be within 2 years. 4 years at the least.

    You will also need to show a steady income that will qualify you for the mortgage and the bank will also require a minimum of 20% as a down payment.

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