
By JAMES N. BOYCE For a lot of people, bankruptcy is a dirty word. That’s because there’s a lot of misinformation and misconceptions about bankruptcy. Today, let’s go over some of the most common fictions and talk about the facts. Fiction: If I file bankruptcy, I will never buy a house or get a mortgage. Facts: Bankruptcy can actually help you qualify for a mortgage and buy a house. If you are having trouble saving for a down payment because you are paying your debts, bankruptcy can help you save and afford a mortgage payment. Two years after getting a Chapter 7 bankruptcy discharge you can qualify for government-backed mortgages such as FHA, VA, or USDA loans. You can also get a government-backed mortgage during a Chapter 13 bankruptcy after one year. FHA loans are great for first-time homebuyers as you can pay as little as 3.5% down and have…
Read More »