Wait Before Even Trying To Obtain A Loan?

Q: We recently filed chapter 7 and it will be discharged at the end of January. Has anyone had any experience with trying to buy a home after bankruptcy? Are there special lenders who deal with this(do you get stuck w/high interest and have to have large down payments)? How long after bankruptcy do you need to wait before even trying to obtain a loan? This seems like it's probably hopeless to be able to buy a home after filing bankruptcy. Any advice is much appreciated.

A: The answer(s) are varied and multiple.. The most direct answer is: yes, you can purchase a home right after filing BK. Yes, there are 'higher' interest rates associated with a BK. How high? It depends on several factors such as re-established credit, cash in bank, 401 k's, IRA's etc... How high are the rates, varies from a low of 8.5% to 13.5%, pending on situation again. As far as the down payment goes, from 10% up to 40%. Each case is different, yet the standards are the same. So you need to have your case evaluated on its' merit. Generally, you can expect to pay a rate between 10.5% and 11.75% with a down payment of 15%. Each state is different too. So without knowing all of the details, this is as specific as I can get. If you desire more information, please post back or email direct.

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