How long after bankruptcy do you have to wait to buy a house? How does a chapter 7 bankruptcy work? How does a chapter 13 bankruptcy work? Can you buy a home after bankruptcy? In this video, we discuss how to buy a home if you filed for bankruptcy with a conventional loan, usda loan, fha loan and a va loan.
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What is bankruptcy? Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Chapter 7 Bankruptcy – Chapter 7 is the most common form of bankruptcy in the United States. Chapter 7 of Title 11 of the United States Code governs the process of liquidation under the bankruptcy laws of the United States.
Chapter 13 Bankruptcy – Chapter 13 is considered a reorganization bankruptcy and is a way to discharge your debt through a payment plan agreed upon by the court and your debtors.
How long after bankruptcy do you have to wait to buy a house?
➜Chapter 7 BK
✔Conventional Loan – 4 years after discharge or dismissal
✔USDA Loan – 3 Years after discharge or dismissal
✔FHA Loan – 2 years after discharge or dismissal
✔VA Loan – 2 years after discharge or dismissal
➜Chapter 13 BK
✔Conventional Loan – 4 years after dismissal or if discharge, 4 years from date of filing and 2 years from dismissal date
✔USDA Loan – 1 Year after discharge or dismissal
✔FHA Loan – simply require a discharge or dismissal
✔VA Loan – simply require a discharge or dismissal
I hope you appreciate this update on bankruptcy for a first time home buyer for the housing market from your local Huntington Beach Real Estate Realtor, Jeb Smith.
Please let me know your thoughts below: what are your predictions for the housing market 2021 forecast and the housing market 2021 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2021 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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