Can you buy a home after filing for bankruptcy in Dallas TX? The answer is a yes. You can buy a home after you file bankruptcy but make sure to know the rules first.
Bad credit score and past bankruptcy record
A borrower who has a good credit score will easily buy a home and get a mortgage for the purchase. It may not be as simple for someone who has filed bankruptcy and has a bad credit score.
What if you have filed for a chapter 7 bankruptcy?
If you have filed for a chapter 7 bankruptcy, then the court has wiped off your debt. You are left with less than the ideal credit. In such a case, you will have to wait for at least four years to qualify for a home mortgage. If you cannot wait that long, then you may want to look at the other programs like the VA, FHA, or the USDA loans that will sanction a mortgage loan based on the dismissal or discharge of your bankruptcy.
What if you filed a chapter 13 bankruptcy?
A chapter 13 bankruptcy means that all your debts have not got eliminated. You still have to make regular payments to your creditors. In such cases, you will have to hold off the dream of buying a home for some time. You will have to wait for at least four years before you are eligible to apply for a mortgage.
Not sure how to go about being eligible for a mortgage loan after filing bankruptcy in Dallas TX? Get in touch with the law firm that can help you with the entire process.
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