Question for the Money Doctors
Question submitted on Jun 25, 2013.
QuestionI had filed bankruptcy about 2 years ago. When do you believe is the best time to start looking into buying a home?
Typically following a bankruptcy you should be able to start applying for any government-backed mortgage within 1-2 years or for a conventional loan, within 2-4 years. In the interim, re-establish good credit by paying all your bills on time.
Speaking with several different lenders and explaining your circumstances may help you to negotiate a shorter waiting period and/or lower interest rate as well.
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