There’s good news if your credit is less-than-perfect: You can still buy a home with bad credit from a bankruptcy.
Can You Buy a Home After a Bankruptcy?
You can absolutely purchase a home if you’ve had a bankruptcy in your past. The farther back it is, the better your chances of securing a better interest rate, but a bankruptcy does stay on your credit report for about 10 years.
You might be surprised to learn that if you wait just four years after filing bankruptcy, you can begin to get better interest rates on a conforming loan.
How Long Must You Wait After Bankruptcy to Buy a Home?
The period of time you have to wait after a bankruptcy varies based on the amount of money you need to borrow and the type of lender you use.
Some hard money lenders will give you a loan to buy a house after just 6 months have passed—but there’s a catch. They’ll typically require a 20 to 35 percent down payment, and the interest rate is likely to be fairly high.
Other lenders have different requirements, so it’s a good idea to get in touch with your bank and a few lenders to see what they have to say.
Are You Buying a Home in Port Aransas?
If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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