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Can You Buy a House After Filing For Bankruptcy?

Yes, you can still buy a house after a bankruptcy filing. Filing bankruptcy discharges your debt and can make you a better mortgage candidate. There is no law that prevents you from buying a home after bankruptcy. Mortgage lenders want to see a minimum of twelve months of performing credit after bankruptcy. It is this waiting period that people equate to a bar on buying a home. Lenders merely want to see that you have your finances under control. Your bankruptcy will make you a better candidate because your qualifying ratios will not be bogged down by the scheduled payments on your discharged debts. This means that the lender can consider that your income is no longer tied by having to make these old payments. Essentially, a lot more of your income is now yours again, it can be used to pay a mortgage payment.

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