The most common question that you may come across is how long it takes for the clearing up of a bankruptcy, and after a bankruptcy, how long it would take to buy a house in Texas. The answer is that bankruptcy remains on your record for around ten years. However, you do not require waiting a decade to obtain a loan. You will probably obtain a loan if:
- You are able to explain the causes of your bankruptcy filing, like unemployment, unforeseen events, divorce, illness, etc.
- You’ve since kept a tremendous credit record.
- Some years have passed from the time when you declared bankruptcy.
In case you have recently gone bankrupt and have been married since, your combined earning is $85,000, and you’ve around $60,000 for down payment, your wife and you’ve little debt, both of you’ve been working in the same companies for over ten years each, and you both have credit cards, which are current. Then, you might perhaps think if there are lenders who will grant you loan.
Well, if this is the case, then the chances of obtaining a mortgage are good, as you can put $60,000 as a down payment towards the home. Lenders feel confident about your ability to pay the mortgage, in case you put down twenty percent or more towards purchase price. But, your recent bankruptcy may still make it hard for you to obtain a prime loan, also known as an “A” loan. You may be required to pay some more points or interest rate that is higher.
A few ways for financing a home purchase are given below:
- Use a no-document loan.
- Take a look at an assumable mortgage.
- Try seller financing
- Pay in cash.
