Buying After a Bankrupcy: Shorter Time Period

When homeowners started defaulting on their loans, during the current market downturn, the government, lenders, and media were scaring distressed homeowners that it will be about 7 years to be able to purchase.  As more and more people are affected by unemployment along with every growing debt,  many people have turned to Chapter 7 and 13 Bankruptcy for a new financial start.  In order for a quicker recovery, the industry has been changing its guidelines to allow people to purchase homes again.

Depending on your previous circumstances, bankruptcies can affect your future buying power.  Take a look below* to see if you can purchase a home anytime soon

Maybe you can buy today!

A lender has the sole discretion to lender to borrowers of their choice, so feel free to shop around for your perfect mortgage.   Did you have a USDA or VA loan, ask me how long it will take for you to own a home!  Check back to RealtorKJblog.com for buying after a short sale or foreclosure!

*Information provided by Jarrod Fassio with AFN Corp

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