While there are benefits associated with filing for bankruptcy, your financial future can be impaired afterwards. While this can make things like purchasing a home more difficult, the skilled lawyers at Greene Law, PC want you to know that it is possible. In Farmington, CT, this firm has a reputation for skilled service in numerous areas of the law, including the best ways to proceed with a home purchase after filing for bankruptcy. The following three considerations can help you make the home of your dreams a reality.

Give Yourself Time

After a bankruptcy, it will take some time to get your finances back to a reasonable level. This entails improving credit, building up savings, and paying off creditors if you’ve filed for Chapter 13 bankruptcy. In this case, it’s recommended that you don’t commit to another major investment until a bit of time has elapsed. A mandatory waiting period may also be imposed by some lenders, which is to ensure you have the means to cover a new mortgage.

Look Into Mortgage Programs

You can also investigate some mortgage programs to see if any suit your needs. Low-income individuals can work with the Federal Housing Authority, which is a government program aimed at securing affordable housing. The Veteran’s Administration is another option, as well as The Federal National Home Loan Mortgage Corporation, which doesn’t require that loan holders put down the usual 20%, although you will have to meet income requirements.   

Calculate Mortgage Payments Beforehand

You should also be acutely aware of how much you can afford when it comes to mortgage payments, including all applicable fees. In general, it’s recommended that your mortgage obligation doesn’t exceed more than 30% of your monthly income—otherwise, you could run the risk of getting deeper in debt once again.  

If you live in Farmington or the surrounding areas and need assistance filing for bankruptcy, the team at Greene Law, PC is poised and ready to offer the benefit of their expansive legal knowledge. Schedule your consultation with a seasoned attorney by calling (860) 676-1336 today. You can also make use of this law firm’s easy and convenient contact form to get answers to your most pressing legal questions.