Buying Real Estate After Bankruptcy
Lenders generally like to see three to five years of good credit after a bankruptcy is resolved. However, there are instances where lenders will finance with as little as one to two years of good credit, depending on the circumstances involved. As an example, an individual may be able to get an FHA mortgage after a bankruptcy created by a medical emergency where the individual previously had good credit
Lenders will want to know why you have gone bankrupt. There’s a substantial difference between a bankruptcy that is caused by reckless financial habits and simple financial disasters — a car wreck, medical costs, the plant closed after 30 years, the town was underwater for three weeks, etc. In other words, not every bankruptcy is a by-product of financial negligence.
For specifics, contact several lenders and discuss your situation.
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