With one, messy, part of your financial life over you're probably ready to move forward and wondering how long before you can buy a home after bankruptcy. The answer to that question is somewhat subjective, but the short answer is two years, if you do a little work during that time.
Lenders will not consider you for a mortgage for two years-if you find one that will they are not going to be offering you a good deal. Waiting the two years is important to getting a fair deal, and since this loan will be with you for many years to come it's worth taking the time necessary to get a good one. During those two years you can do a lot to improve your credit and earn yourself a fair interest rate.
What interest rate you will be offered is decided based on what level of risk you represent to the lender. If they think you are likely to not make your payments on time they will raise the rate they're going to offer you. With this in mind over the next two years you should build up a history of good finances that a future mortgage lender can look at.
Apply for a secured credit card and use it lightly (less than thirty percent of the limit) and pay it off in full each month. After six months to a year of this take out a small loan and be sure to make those payments in full, on time, each month as well. Your credit history is made up of two types of payments, installment (loans) and revolving (cards), so having a history of positively fulfilling both of these types of payments will get you a long way on building up your credit.
Other than this try and hold down the same well paying job for a long period of time, as this will show stability, and make sure you don't get in over your head with your finances. After two years of healthy finances you'll be able to buy a home after bankruptcy.
Lenders will not consider you for a mortgage for two years-if you find one that will they are not going to be offering you a good deal. Waiting the two years is important to getting a fair deal, and since this loan will be with you for many years to come it's worth taking the time necessary to get a good one. During those two years you can do a lot to improve your credit and earn yourself a fair interest rate.
What interest rate you will be offered is decided based on what level of risk you represent to the lender. If they think you are likely to not make your payments on time they will raise the rate they're going to offer you. With this in mind over the next two years you should build up a history of good finances that a future mortgage lender can look at.
Apply for a secured credit card and use it lightly (less than thirty percent of the limit) and pay it off in full each month. After six months to a year of this take out a small loan and be sure to make those payments in full, on time, each month as well. Your credit history is made up of two types of payments, installment (loans) and revolving (cards), so having a history of positively fulfilling both of these types of payments will get you a long way on building up your credit.
Other than this try and hold down the same well paying job for a long period of time, as this will show stability, and make sure you don't get in over your head with your finances. After two years of healthy finances you'll be able to buy a home after bankruptcy.
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