Buying a home after bk

[Broken]

My wife and I are scheduled to meet with an attorney this evening to discuss filing for bankruptcy. As stupid as this may sound, we've also been talking about relocating to a cheaper home, or one in a different area that is maybe cheaper, but bigger. Is this still going to be possible after filing for bk???

I know someone mentioned Mortgage Brokers before, are they a big help when it comes to getting a new home when you have credit problems??? Thank you all for all of your help. I appreciate all the advice I've received so far.

 

[bigun]

Sure. If you have 24 months of perfect credit history post bk, you can qualify for FHA financing at conventional rates.
The big thing is time. Unless you were able to shelter a large amount of money in your present home, it'll be tough to do anything buying wise for a couple of years unless you have a large downpayment. After that, you'll have more choices.

 

[Broken]

That's kind of what I was expecting. Is there ANY way to move sooner? Maybe we'll just start fixing up our current home so we can get more out of it when the 24-months is up. Thanks for the quick reply!

 

[gottago]

bigun's right. Wait the 24 months and go for the FHA loan.

There are plenty of mortgage brokers who will get you a loan the day after your bankruptcy is discharged...but the interest rate will be so high it will not make buying a house worth it.

You've got the right idea...fix up your house during the 24 months, and then go from there.

good luck.