Question: Can a person purchase a house after filing for bankruptcy? Claimed bankruptcy in September 2005. How long do I have to wait before I can buy a house?

Answer: There are some lenders who now will finance a person with no bankruptsy seasoning. You will pay a much higher rate but after a year as long as you make all your payments on time you should be able to re-finance and recieve a lower rate. Be careful of large pre-payment penalties and large closing costs lenders tend to take atvantage of persons in a desparate situation. The best way to handle this situation is to re-establish your credit and not overextend yourself. There are several ways to re-estblish your credit in a short ammount of time.
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