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After bankruptcy

by Miranda

I have filed bankruptcy and been discharged of it for about a year. In the bankruptcy was my home and credit card debt. I was able to keep my vehicle. Am I considered a "First-time Home-buyer?"


Hi Miranda,

It's always a pleasure to hear from new people here in my blog. Thanks for stopping by my website.

In your question, you seem to wonder if you buy a house once again, are you considered a first time home buyer.

Well, first I would like to share with you that your bankruptcy needs to be discharged at least 2 years before a lender will consider you anyway. So time will need to pass before applying for a mortgage once again.

The term "First Time Home Buyer" is kind of misleading. People who have bought a home before can still get into one of the programs out there for first time buyers.

Normally, if it has been a 2-3 years since you have owned a home and you are younger, many lenders tend to look at you as a first time buyer.

So my best advice to you, keep your bills paid on time, especially your rent. You can build credit after bankruptcy. Then, after you have a good solid, 2 year history of good bill paying, go ahead and start looking for a home.

And yes, you would want to look for whatever programs are available for first time home buyers since it will offer you the lowest down payment and not be quite so hard to qualify for.

I strongly recommend the FHA home loan program for you since they understand people may have had a few bumps and bruises in their credit during their younger years.

I hope this is helpful to you. Please pay it forward and tell your friends about me. My goal to to build the largest community on the web where first time home buyers can find good reliable information FREE of charge.

I wish you the best. Keep your focus and soon things will be better.

Kind Regards,

Jeffrey S. Ragan

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