After Bankruptcy When Can I Buy a Home?
Making a comeback from a foreclosure or bankruptcy is easier said than done. It takes time. Plus, it also leaves a negative impact on your credit report for at least seven to ten years. A lot will depend on the type of bankruptcy case you have filed. Filing a case of bankruptcy can help you obtain relief from the burden of debt but it also prevents you from getting loans for various purposes such as buying a house.
Can you secure a loan for a mortgage after getting rid of debt? The answer is “yes”. Filing bankruptcy or foreclosure restricts you from obtaining loans for a certain period, not for the entire lifetime. You may not qualify to apply for a loan immediately as to most debtors, granting a loan to you under such circumstances would be akin to taking a risk.
However, you can get a loan for buying a house within a couple of years from the day of your discharge from bankruptcy. But for this to happen, you need to adopt the right approach to make it happen. Reaching out to a qualified bankruptcy attorney in Encino or any other location in the United States can help you deal with the matter in the best possible manner.
Rules for purchasing a new home after Bankruptcy
One of the common hurdles that prevent borrowers from getting a loan for the purchase of a new house is the waiting period. Unfortunately, it is a part of the governmental rules linked to bankruptcy. Unless you have money to cover the costs of purchasing a home on your own, you need to look at ways to get a loan for it.
For buyers of homes in the United States, there are two options. These include FHA loans and a VA loan. You can opt for any one of these options, depending on whichever option suits you the best. A qualified attorney will be able to guide you through the process of selection of a particular loan application.
How you can obtain FHA and VA loans
The rules in the United States may vary from one region to the other. Therefore, as a standard rule, you should consider reaching out to an attorney based on the region wherein you wish to buy a new home.
For instance, you should consider the services of a bankruptcy attorney in Los Angeles if your residence is in Los Angeles. Likewise, you can select your attorney depending on the city in the US where you are currently residing.
FHA loans
FHA stands for Federal Housing Administration. It does not provide loans by itself but it helps borrowers in obtaining loans by guaranteeing it from lenders. To qualify for this type of loan, one needs to meet the requirements that relate to Chapter 7 bankruptcy, and Chapter 13 bankruptcy.
The waiting period may come down to 12 months or one year if you meet the criteria for FHA loans. A bankruptcy attorney in San Fernando Valley or a place wherein you want to obtain the loan can offer you legal assistance for obtaining an FHA loan.
VA loans
If you are a military veteran, you can apply for a VA loan for buying a home. It generally necessitates a clean credit record along with other requirements of Chapter 7 discharge.
Conventional loans
Even as you make up your mind to get a loan from a bank or a mortgage company (Fannie Mae or Freddie Mac), you need to have a good credit score. The waiting period is the time wherein a borrower is expected to improve their credit history after a period of foreclosure.
Get in touch with an attorney to bail yourself out of legal trouble
Reaching out to a bankruptcy lawyer in Encino or an attorney who is based in the area wherein you wish to apply for a loan is your best bet to not only get legal advice but also improve your credit history.
In some cases, wrong entry of details by credit bureau due to incorrect information presented by a lender can also affect the credit history or record of a borrower. The services of a bankruptcy lawyer in Los Angeles CA or in any other location in the United States can bail you out of trouble and save you legal hassles with obtaining loans.
Nader & Berneman, Attorneys at Law
Address: 21800 Oxnard Street, Suite 720 Woodland Hills, CA 91367
Service Areas- Encino, Woodland Hills & San Fernando Valley
Web- https://www.naderlawfirm.com/
Review Us- https://tinyurl.com/y33qh7re
Find Us on Map- https://tinyurl.com/y34r4x8j
Can you secure a loan for a mortgage after getting rid of debt? The answer is “yes”. Filing bankruptcy or foreclosure restricts you from obtaining loans for a certain period, not for the entire lifetime. You may not qualify to apply for a loan immediately as to most debtors, granting a loan to you under such circumstances would be akin to taking a risk.
However, you can get a loan for buying a house within a couple of years from the day of your discharge from bankruptcy. But for this to happen, you need to adopt the right approach to make it happen. Reaching out to a qualified bankruptcy attorney in Encino or any other location in the United States can help you deal with the matter in the best possible manner.
Rules for purchasing a new home after Bankruptcy
One of the common hurdles that prevent borrowers from getting a loan for the purchase of a new house is the waiting period. Unfortunately, it is a part of the governmental rules linked to bankruptcy. Unless you have money to cover the costs of purchasing a home on your own, you need to look at ways to get a loan for it.
For buyers of homes in the United States, there are two options. These include FHA loans and a VA loan. You can opt for any one of these options, depending on whichever option suits you the best. A qualified attorney will be able to guide you through the process of selection of a particular loan application.
How you can obtain FHA and VA loans
The rules in the United States may vary from one region to the other. Therefore, as a standard rule, you should consider reaching out to an attorney based on the region wherein you wish to buy a new home.
For instance, you should consider the services of a bankruptcy attorney in Los Angeles if your residence is in Los Angeles. Likewise, you can select your attorney depending on the city in the US where you are currently residing.
FHA loans
FHA stands for Federal Housing Administration. It does not provide loans by itself but it helps borrowers in obtaining loans by guaranteeing it from lenders. To qualify for this type of loan, one needs to meet the requirements that relate to Chapter 7 bankruptcy, and Chapter 13 bankruptcy.
The waiting period may come down to 12 months or one year if you meet the criteria for FHA loans. A bankruptcy attorney in San Fernando Valley or a place wherein you want to obtain the loan can offer you legal assistance for obtaining an FHA loan.
VA loans
If you are a military veteran, you can apply for a VA loan for buying a home. It generally necessitates a clean credit record along with other requirements of Chapter 7 discharge.
Conventional loans
Even as you make up your mind to get a loan from a bank or a mortgage company (Fannie Mae or Freddie Mac), you need to have a good credit score. The waiting period is the time wherein a borrower is expected to improve their credit history after a period of foreclosure.
Get in touch with an attorney to bail yourself out of legal trouble
Reaching out to a bankruptcy lawyer in Encino or an attorney who is based in the area wherein you wish to apply for a loan is your best bet to not only get legal advice but also improve your credit history.
In some cases, wrong entry of details by credit bureau due to incorrect information presented by a lender can also affect the credit history or record of a borrower. The services of a bankruptcy lawyer in Los Angeles CA or in any other location in the United States can bail you out of trouble and save you legal hassles with obtaining loans.
Nader & Berneman, Attorneys at Law
Address: 21800 Oxnard Street, Suite 720 Woodland Hills, CA 91367
Service Areas- Encino, Woodland Hills & San Fernando Valley
Web- https://www.naderlawfirm.com/
Review Us- https://tinyurl.com/y33qh7re
Find Us on Map- https://tinyurl.com/y34r4x8j
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