Buying instead of renting

[MizErin]

Hello everyone.. just some quick background on my situation: Never late or behind on any of my debt obligations, just had too much to where I was only paying minimums and had nothing left over for my children. Filed ch.7 last November, discharged in February 2016, so only 4-5 months after discharge currently. My credit score didn't dip too bad, I'm still in the mid-600 range.

We are in a situation where we are renting, but paying way more than a mortgage would be. The owner is putting the house on the market to sell and we are forced to find another place to live. Being 4-5 months out from my discharge, is there ANY way in hell that I would be approved for a home loan? We can get a house for the same, if not less, than what we are currently paying in rent (which is $1,300). Every rental is overpriced in central Texas and we would seriously be better off buying.. just don't know if I can or not.

[LadyInTheRed]

My understanding is that it is not likely. If your BK was due to a financial hardship beyond your control that you can document and you have re established credit, you could qualify for an FHA loan 1 year after discharge. Otherwise, you need to wait 2 years after discharge to qualify for FHA. Non-FHA requirements are usually equally or more stringent than FHA.

It can't hurt to try talking to a mortgage broker with experience with post-bankruptcy mortgages.