Qualifying for Conventional mortgage after Bankruptcy:
With Chapter 7 bankruptcy you need to wait for 4 years before which you can qualify for a conventional mortgage. With Chapter 13 bankruptcy 24 months must elapse from the discharge date or 48 months from the dismissal date.
Qualifying for FHA Loan after Bankruptcy:
Wait period for an FHA loan after Chapter 7 bankruptcy is two years.
To qualify for an FHA loan after Chapter 13 bankruptcy, following guidelines apply:
- Document at least one year into the payout plan has elapsed
- Document all required payments have been made on time
- If borrower is still in repayment, obtain court permission to enter into the new mortgage
- If the borrower is still in repayment, include the Chapter 13 payment in the debt ratio
Qualifying for VA Loan after Bankruptcy:
Two years wait period is required after chapter 7. For Chapter 13 bankruptcy – one year into payment plan is required with all payments made on time. A court permission to enter into a new mortgage is required too.
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If you have gone through any of these hardships in the past and considering to buy a home again, contact us so that we can help you qualify for a mortgage.