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What are the options for a loan after Chapter 7 bankruptcy?

After financial hardship, especially Chapter 7 bankruptcy, there may be some obstacles in the way of purchasing a home. Some Pennsylvania residents may find themselves able to finally purchase a home as the economy recovers. This may prove troublesome for people who may have had to file for Chapter 7 bankruptcy because of the economic downturn.

Fortunately, there are options available to those who have faced financial hardships in the past. There are steps that can be taken to get financing for a home loan, even if bankruptcy is in a person's credit history. Typically, those who have filed for bankruptcy have to wait a certain amount of time before being approved for a loan. For Chapter 13 bankruptcy, the standard waiting period is two years; while for Chapter 7, the waiting time is four years.

The guidelines for getting a loan after bankruptcy will also depend upon how the loan will be financed. For instance, the Department of Veteran Affairs (VA) and the Federal Housing Authority (FHA) both have their own financing options available to applicants. As the economy improves, more people will begin to explore these options as many are once again able to consider home ownership after their financial woes.

It can often be difficult to know where to begin or if home ownership is even an obtainable goal for many Pennsylvania residents. One of the first steps to home ownership after Chapter 7 bankruptcy is to determine the state of one's personal credit. Anytime that an individual is considering a major financial endeavor, he or she could substantially benefit from a careful evaluation of all potential options.

Source:, Guidelines for repurchasing a home after a financial hardship, No author, Feb. 1, 2014

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