How Long After Bankruptcy Before You Purchase a Home?

Leo in Orlando filed bankruptcy in 2010 and has been saving money and improving his credit since then. He asks Robert Palmer how long he must wait after filing a bankruptcy to buy another house and how much he will need to put down.

If there is a home included in a bankruptcy the waiting period is 36 months, or 3 years. If there is no home on the bankruptcy it is 24 months, or two years. As far as money you need to put down, you can put 3.5% down on an FHA loan. For a $200,000 you need about $7,000 and for $100,000 home about $3,500. There are other options also, such as a conventional loan with more money down.