Buying a Home in Long Beach, CA After Bankruptcy

Buying a Home After BankruptcyQ.  I filed for bankruptcy 9 years ago and it will show on my credit report for another 8 months. I want to buy a home in Long Beach, CA. Should I start looking now or wait eight months. I have been on time on all my payments since then.

A. All the negative impact of the bankruptcy should pretty much have been erased by now. So, it should no longer affect your ability to buy a home in Long Beach, CA.  The question that arises is:  Have you have reestablished your credit?

To reestablish your credit you should have borrowed in the time since your filed for bankruptcy and paid those loans on time.  If you have been paying all cash of your obligations there is no positive information in your credit report even if the negative impact of the bankruptcy is erased.

Most lenders and looking for two credit lines (accounts) on which you have been on time for at least two years before they will lend money for you to buy a Long Beach, CA home. For a perfect scenario you should also not owe more than 40% of the maximum credit limit on either account.

Before you apply for any major loan you should check your credit report and your credit score. In fact everyone should be checking their credit report at least once a year. Credit reports can be obtained at To check your credit scores the best place is

For a conventional mortgage you will need to have a middle credit score of around 720. You can however get an FHA loan with a score of 620 or less.


Long Beach, CA Real Estate Experts

List! Buy! Save! is not your ordinary Long Beach real estate Brokerage.  Unlike most real estate companies that force you to do things one way or their way, we believe you should have choices to pick and choose what best fits your individual needs.

We are always looking for new ways to make and Long Beach real estate more efficient AND less costly for our clients, without sacrificing quality or service. If you’re looking to buy a home in Long Beach or sell your existing Long Beach property, we will be happy to take care of your real estate needs. Our mission is to provide outstanding customer service while utilizing the best practices and systems available.

For more information about List! Buy! Save! real estate services and how we can best serve you, please fill out the online contact form or give us call today!

Maya Swamy, Ph.D
The No Excuses Realtor
List! Buy! Save!
DRE Lic 01523840

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