Buying A Home After Bankruptcy

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If you’ve just filed for personal bankruptcy, or you think you may have to file in the near future, you may be worried about whether you’ll ever be able to buy a home. Many people think that because a bankruptcy remains on a credit report for a decade, they’ll have to keep renting for quite a long time.

Fortunately, this is not the case. You will be eligible for a FHA home loan two years after your bankruptcy is discharged. Your down payment will typically be the same as it would for any other FHA buyer – three percent. Your interest rate will probably be a percent or two higher than standard interest rates, but it won’t be as high as you might think.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

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