Buying a House after BK?

[loveends1981]

We just got our discharge papers last week. Our BK was discharged as of 8/26

We were wondering though... if we wanted to purchase a house, how long do we have to wait before we can purchase one?

We have a relative on my husbands side of the family who wants to help us out. But I think the way she wants it be is that she will purchase the house for us, but then wants our names on the house.

But from what I heard, you have to wait like 2 or 3 years before you can get a house. Which would mean our names couldnt go on the papers then for that amount of time as well?

So lets say our relatives purchases us a house, their name would have to be on the house for the 2-3 year period before our names can go on it right?

Just wanted to check here to see if anyone knew.

Thanks

[loveends1981]

Anyone have advice?

[Flamingo]

You are talking about two different things. If your relatives purchase a house with the intent to help you out, they can either keep the house in their names and rent it to you, allow you to live there rent free, keep the house in their name and you pay the mortgage as rent, or give it to you as a gift.

At this tiime and for a few more years, it will probably be very difficult for you to obtain a mortgage in your name. While many people come out of BK debt free and wanting a fresh start, most find it difficult to obtain a mortgage and credit. Some find it harder than others. The best thing for you to do is to lie low, pay all your bills on time and be pristine with your credit of any kind over the next few years, then apply. Your chances will be better at that time as you have proven to a prospective lender you are creditworthy again.

Best of luck to you...

[justbroke]

You posted this in two different spots!

[oldhack]

If you are discharged from a Chapter 13, you are under only the restrictions a lender puts on you regarding a mortgage.
I'm not a lonely case here but, for example, I closed an FHA-insured mortgage only 55 days after discharge of a Chapter 13 earlier this year.
Seek out a mortgage broker or loan officer with post-bankruptcy experience, and find out what your financial status requires. If you don't have a bunch of 'baddies' (late payments, judgments, charge-offs) on your credit reports in addition to your BK'd accounts, your FICO scores probably are not in the tank. Then, it's a matter of finding a lender that qualifies less-than-perfect borrowers these days. Not an easy task, and I don't wish to mislead you into thinking it's easy.
However, if you have some down-payment money and a good, recent payment history -- and, hopefully, some qualifying credit lines, like a car loan -- you may be able to do something sooner rather than later.

[whipster1]

We just got our discharge papers last week. Our BK was discharged as of 8/26

We were wondering though... if we wanted to purchase a house, how long do we have to wait before we can purchase one?

We have a relative on my husbands side of the family who wants to help us out. But I think the way she wants it be is that she will purchase the house for us, but then wants our names on the house.

But from what I heard, you have to wait like 2 or 3 years before you can get a house. Which would mean our names couldnt go on the papers then for that amount of time as well?

So lets say our relatives purchases us a house, their name would have to be on the house for the 2-3 year period before our names can go on it right?

Just wanted to check here to see if anyone knew.

Thanks

I think your relative could purchase the house outright then sell it to you using owner-financing. That would put you on the deed, and your relative could foreclose if things don't go well down the road. The two-year wait is if you are looking for FHA/VA financing. Wouldn't be an issue if your relative "held the note".

[oldhack]

...The two-year wait is if you are looking for FHA/VA financing...

Neither FHA or VA requires a 2-year wait after a Chapter 13. FHA has such a condition for Chapter 7 filers.

[hereforinfo]

Neither FHA or VA requires a 2-year wait after a Chapter 13. FHA has such a condition for Chapter 7 filers.

The OP filed Ch 7.

[jal1129]

Buying a house and getting a mortgage are 2 different things you are talking about. You can buy a house at any time there is no waiting period for that. The thing you won't be able to do is get a mortgage.

Your post was'nt exactly clear-but it sounds like maybe the relative wants to purchase the house and put your names on the deed? If thats the case then there is nothing stopping you from doing that.