November 20, 2017

Buying a house after bankruptcy

My wife and I were planning on buying our first house within the next couple of years, but now it looks like we’re going to have to file bankruptcy soon. Will that prevent us from ever being able to get a house?

Aaron T.
Austin, TX

Assuming that you’re in decent financial shape after filing bankruptcy you should be able to get a house fairly soon. Two years after a person files bankruptcy he or she is eligible for mortgage loans on the same terms as if they had not filed bankruptcy. And even before two years are up, the amount of your down payment and the stability of your income and your credit history after bankruptcy are generally more important than the fact you filed bankruptcy in the past.

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