How long after bankruptcy should you wait to try to buy another house?

[catsaver001]

We filed bankruptcy back in October of 2006 and it was finally closed or I guess I should say discharged, in May of 2007. We really want to buy another house but I was told we have to wait 7 months to a year to try to get another mortgage. What is the normal wait time and will the interest rates be better the longer we wait? ------

[Diane A]

You won't even be considered for a mortgage for 2yrs after your discharge. I would just wait. If you need to move consider renting out your old house rather than selling. This way you still get the tax breaks. ------

[Super Jay]

I disagree. I work in the credit recovery area of a very large bank. We accept secured loan applications (cars, mortagages,ect) on many many many people who just filed bankruptcy for a few reasons. 1) they cannot file again for 7 years. and 2) they just liquidated all of their debt. and 3) if they don't pay we take the house/car.It is actually ideal for a creditor to extend credit as quickly as possible after someone files banko. ------

[CWW]

You may want to purchase another house but your credit has been adversely impacted by the bankruptcy and will be so for several years. Perhaps the best solution would be to work on restoring your credit.Another alternative would be to find a lease purchase opportunity. In this situation a portion of your"rent"would actually be used to purchase the home. Contact some local real estate agents to see if they have any listings thatmight entertain this alternative. ------