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by John G. Merna

The Secret Of Buying A House After Bankruptcy

One of the biggest bankruptcy secrets is about the power to buy a house after a bankruptcy discharge in as short as 12 months.  Yes, you can buy a house after a bankruptcy Chapter 7 in about a year!  The 12-month timeline is a difficult one.  However, the surprise is  the standard timeline for an FHA and VA home loan is 24 months.

More Secrets: You Can Buy A House Even While In A Chapter 13 Bankruptcy

Yes. You are reading that correctly.  You can buy a house in a Chapter 13 Bankruptcy repayment plan after 12 month with evidence of on-time payments to the court and other qualifying requirements.  So the mistake most people are making is the mistaken assumption that bankruptcy holds them back.  It does not.  Fear and misinformation hold you back.  

What Does This Mean?

The fact that you can purchase a house as quickly as 1 year after a bankruptcy discharge shows you have been misinformed. Common errors:

  • how long a bankruptcy is on your credit report is not the same as how long filing affects your credit.
  • misinformation from friends, family, and some misinformed attorneys are providing  about the impact of bankruptcy is very wrong.
  • where you are now, overwhelmed and possibly behind on bills, is not better then where you will be after a bankruptcy.

What The Lenders Are Saying

Don’t be mistaken. It doesn’t mean it will be easy to purchase a house 

We have put together a charge below to outline the type of lender, the timeline to qualifying after a bankruptcy, 

Type of LoanType of BankruptcyRequirements
Chapter 7Chapter 13
FHA (Gov’t Backed)12 months12 monthsProve extenuating circumstances
FHA2 years2 yeart No extenuating circumstances
VA Loan12 months12 monthsSpecial circumstances
VA Loan2 years2 years No special cirumstances

Conventional

Loans 

4 yearsMust have a discharge

Watch the video on this page to learn more.

 

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REQUIRED BAR NOTICE: THESE TESTIMONIALS DO NOT GUARANTEE SIMILAR RESULTS.

 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 .