The fha rules state that you must wait at least 2 years after filing a chapter 7 bankruptcy. Some banks may require a longer time to pass, but many FHA lenders will approve an application only after 2 years. For a chapter 13, you only need to wait until you have successfully made 12 months of payments.
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Mortgage After Chapter 7 – If you are looking for lower mortgage rate or for trusted refinance options for your new home then our site with wide range of reliable refinance offers form the best lenders is the best choice for you.
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If you file (and qualify) for Chapter 7 bankruptcy and your home is exempt, you can continue to make your mortgage payments if you want to keep your home. Although the bankruptcy will discharge your personal liability for the home loan at the end of the case, the lender’s security interest in the property remains in force.
We mentioned the waiting period to qualify for FHA and Fannie Mae mortgage after bankruptcy with FHA Loans above. Waiting period to qualify for a conventional mortgage after bankruptcy is 4 years from the discharge date of the Chapter 7 bankruptcy.
Mortgage after bankruptcy: Chapter 7 waiting periods. While these are the "standard" guidelines, you may qualify for a conventional or FHA loan even sooner. Both loan types have exceptions for "extenuating circumstances" or one-time events that caused income loss and that were outside the homeowner’s control.
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Each one has a different waiting period before you can apply for a mortgage: Chapter 7 bankruptcy: You must wait two years after the discharge of your bankruptcy to qualify for a government-backed residential mortgage. For a conventional home loan – or one that is not backed by the federal government but conforms to loan limits set by Fannie Mae and Freddie Mac – the waiting period is four years.