Q: How long after being discharged from bankruptcy can you guy a house?
A: There is no standard answer to this question. Most loan officers and brokers I have spoken to generally say about two (2) years from discharge. You should get your credit reports about 30-60 days after discharge at www.annual credit report.com to make sure all debts are reported as discharged. If you reaffirmed any debts, you will still get a positive bump on your credit score for making timely payments, but only if you reaffirmed the debt. Saving a down payment of 10-20% before buying a home post-bankruptcy is also a good idea, as well as finding a home that is at fair market value or listed lower. You DO NOT want to over-extend and buy more home you can afford. If married, ask yourself if you can still make the payment in the event of a divorce. If not, renting is a better idea as long as you are continuing to avoid debt and build savings. Hitting retirement age debt free is better than having a fully-funded IRA or 401(k) but being saddled with a huge mortgage payment.
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