home loans after bankruptcy discharge
What do I need to do to prepare to buy a house after a bankruptcy?
My husband and I filed Chapter 13 bankruptcy and it is to be discharged next year. When it is discharged we will have no debt except for my $25,000 student loan that we were not able to include. Our gross annual is $90k+ now and we have opened and maintained two $500 limit credit cards that have perfect payment history for over a year now.
What else should I be doing between now and then to qualify for a first time home loan once this is discharged? Approximately how much down payment should we be looking to save? Should we be looking to get our credit score be at a certain level considering the bad mark bankruptcy left? Any other tips? I sincerely want a home. We are responsible people who got into a mess because of a medical hardship. We are paying back debt and just hope to come out of this able to purchase our own house.
Thank you all for taking the time to answer. Any help is sincerely appreciated! 
You will be able to get a loan, it’s just a matter of what your interest rate will be. Congrats on coming through the other side of BK. Feels good. Doesn’t it?
As for savings, there are many loan products that have different requirements for downpayment, even zero down. However, most mortgages require PMI (private mortgage insurance) if you put down less than 20%. So if you can save that much, you’ll be in good shape and likely to impress your mortgage broker even more having been able to save that much after BK.
Good luck! I’m shopping for a house myself.
getting a home loan after bankruptcy. how long do i need to wait?
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