@2b2rich wrote:
I would like to purchase some land and try to have it paid down, or even in full over the next 24 months where I could then build a house on it, but I’m wondering what this falls under as far as credit/loans. Has anyone had luck purchasing acreage in the first year after discharge?
To purchase land, you will either need a "lot loan" or a "construction loan". Lot loans typically require good to excellent credit, since land is difficult to re-sell if the lender has to foreclose and cut their losses... it's unlikely you will find any traditional lot loans until your BK discharge has seasoned for probably a good 4 years. However, if you don't mind more expensive terms, then there may be private/hard money lenders willing if you have a significant down payment (usually at least 40-50%). Construction loans are a little easier to qualify for, but you need to start construction soon after closing on the lot, and you'll still need to be at least 3 years out from a BK (then an FHA construction loan would be an option).
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