Fresno County Bankruptcy - Buying a Home
Getting a home loan after your Fresno County Bankruptcy has been discharged is not only possible, in many cases, it is more likely to occur than if you didn't file for bankruptcy. This is because there are several factors that influence a mortgage lender's decision to offer you a mortgage. Among these are:
· Your Income
· Your Level of Debt
· Your Repayment History
· Any Prior Foreclosures
Filing for bankruptcy can help put you in a better position financially when it comes to affording the home that you want. Discharged debts do not count in your debt-to-income ratio, and this means that you may qualify for a larger home loan provided that your income is sufficient. If you have waited for some time after your bankruptcy has been discharged, and built up a solid history of repaying your debts, you will have a credit score that is sufficient to get a home loan. Additionally, you can avoid foreclosure in many instances if you file for Chapter 13 bankruptcy, which will also give you a solid history of repaying your mortgage after your bankruptcy discharge as well.
If you don't file for bankruptcy and continue to just barely make minimum payments, or no payments at all, your credit will be insufficient to qualify for a home in many cases. Your credit card debts will count against your income, and your late payments will lower your credit score. If you can't keep up with all of your bills and are consistently 30, 60, or 90 days late on several accounts, mortgage lenders won't want to work with you. For these reasons, filing for bankruptcy sooner, rather than later, may give you a definite advantage if you want to purchase a home in the future.
Far from being a detriment to your ability to own a home, filing for bankruptcy can provide the clean slate you need to build excellent credit and qualify for the home you've always wanted. The key is to handle your debts wisely after the bankruptcy has been discharged, and build a positive payment history that will ensure that lenders view you as a favorable credit risk.
If you are thinking about purchasing a home in the future and you are wondering about how a bankruptcy filing may impact your chances, speak with one of our Fresno County Bankruptcy Attorneys today. We have information available that can give you the peace of mind you need to move forward in the bankruptcy process, and gain control of your finances so that when the time comes to purchase your home, you will be prepared. Don't let the opportunity for a fresh start pass you by - contact our premier Fresno County Bankruptcy Law Firm today and set up your free initial case evaluation as soon as possible.