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Old 12-29-2006, 12:46 PM
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Yes, it is very possible for you to obtain a home 1 day out of a bankruptcy. You ideally would wait 2 years to get FHA or Conforming financing which are the best interest rates.

You do need to re-establish yourself by opening some new credit. Also you should pull your credit report to make sure the items that were discharged through your bankruptcy are reflected accurately on your credit report. If not you will need to file a credit dispute with all 3 credit repositories. I have posted direct numbers in another topic for everyone.

Ideally you would have a 12-24 month payment history on a debt before you would be approved 1 day out of bankruptcy. Some actually add themselves to a friend’s credit card as an authorized signer. You then would pick up the history on that card but it is risky because they could default and you could be held liable for something you did not even use. I do not recommend it.

A secured credit card is ideal for this. It is a high rate of interest but the limit is usually very manageable. About 300. You deposit 300 of your own funds to secure the card.

If you re-affirmed and kept a debt after your 13 was satisfied then that helps too.
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