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Question for the Money Doctors

Question submitted on Apr 8, 2011.

Question

How soon can I buy a house after declaring bankruptcy? My rent is going up and I want to buy a house, since houses are going down in price.

Answer

I have spoken with a bankruptcy attorney regarding this question.  Although there is no definitive rule regarding when you may purchase a home, most lenders want you to have at least a two year history of making payments on time.  This would include installment payments, such as a car note, utility payments or credit card payments, on time.  Talk to a mortgage lender and get prequalified for a loan before you begin house hunting.


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