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How Can You Buy a House After Filing for Bankruptcy?

Filing for Chapter 7 or Chapter 13 can make people think that getting their own house is an impossible feat. Although according to some brokers in Dallas, most people who filed for bankruptcy actually has a higher credit score report afterward if compared to those who didn’t. Bankruptcy is a general term used by the Federal Government to help consumers and business alike to get rid of any debts by either liquidation or reorganizations. Throw will have an effect on the person’s credit score and has an impact on getting loans approved. But is there a chance to get your own house even after filing for bankruptcy?

Wait for the Bankruptcy Discharge

You have to wait for the bankruptcy to be discharged first for you to request for a mortgage loan. This is something that most lenders would want to see, especially if you previously filed for bankruptcy. Most often than not, the court will soon close the bankruptcy case soon after discharge.

Monitor Your Credit Report

Make sure that your credit report is always current and accurate. You can get a free credit report from Equifax, Experian, and TransUnion once every year. What you can do is to file a request every 4 months from each credit rating agency so you can better monitor your credit report.

Make sure that any debts listed are paid or have been discharged. This will, at least, give the lenders an idea of how capable you are in making monthly payments. You have to check if you have the correct information on your credit report to avoid any confusion or misrepresentation.

Rebuild Your Credit Score

Try to rebuild your credit score little by little. Your credit score may be limited after a bankruptcy has been discharged. So make sure that you start to fix your credit by getting installment loans or secured credit cards.

You’ll only have a secured credit card if you have money in a saving’s account. This will serve as a collateral on your card’s credit line. Some real estate agents in Texas say that the credit limit will be based on how much money you have on your bank account and also your credit history. Since this is considered as a credit card, any activity will be reported to the credit agencies, helping you to improve your credit standing.

Installment loans

Installment loans allow you to make monthly payments for a portion of the principal and the interest in a specific period of time. Making payments on time and in full regular amount every month can help you rebuild your credit score. But failure to do can only damage your credit score even worse. So make sure that you are capable to pay the monthly payment before obtaining an installment loan.  

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USDA Home Mortgages

Primary Residential Mortgage, Inc.
10121 N Rodney Parham, Suites C & D
Little Rock, AR 72227
855-474-7169
501-225-5626
NMLS # 3094
Branch NMLS # 252910
Licensed by Arkansas Securities Department 11558
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Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

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