is it smart to buy a house just out of bankruptcy?

Answer 1

There is no smart or dumb to it. It all depends on if you are comfortable with a mortgage payment. To get a better rate you will have to be discharged and can not have filed in the last 24 months.

Answer 2

All of these other answers are way wrong. If you are just out of bankruptcy you'll only qualify for a sub prime loan which means you're paying crazy high interest.
The others say if you can afford it then it is a good investment, but they're wrong. You don't want to pay too much for a house if you don't have to. The loan officer will probably try and put you into an ARM. Then in 2 years you can refinance. The problem is ... most of the subprime lenders are going bankrupt. They are doing this because they lent money to people who really can't afford the house.
So, if you can afford the house, and aren't going to have it foreclosed you'll be in a world of hurts when you go to refinance it because you'll still be a subprime loan and the subprime loans will be a lot more difficult to get and more expensive. (your credit score won't improve as much as you might think)

So, the answer... Only if you qualify for a conventional mortgage at a good rate (no arms, no points, etc.) then consider purchasing.

Answer 3

Home purchasing vs. renting is always a good ideal if you can afford the monthly payments. If you can qualify for a home loan after a BK has been discharged, then you are in a very good position.

Answer 4

If you can qualify for the loan, buying a home is almost always a good investment, especially if you can itemize deductions.

Answer 5

look at your credit score and find your interest rate, then find a place and calculate your monthly payments. look at the place you would otherwise have rented, if the rent is pretty much the same as the mortgage payments then its a no-brainer: buy!