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radicus

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How soon after bankruptcy Chapter 7, can I obtain a mortgage?

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Oh, it's not that bad...

Helpful to 3 out of 3 people

You can get a loan after Chapter 7 bankruptcy and you do NOT have to wait 10 years, but you will have to wait for awhile.  Different loan types have different restrictions:

-For FHA or VA loans you must wait 2 years from the date of discharge

-For USDA loans you must wait 3 years from the date of discharge

-For Conventional loans you must wait 4 years from the date of discharge

...

Once these time periods have passed, you will then be able to apply for a mortgage, but you must still qualify for the mortgage loan.  That may be the tough part. You must be creditworthy (get that credit score back above 620) and as always, be able to show that you have the income to support the loan.

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Talk to your banker or mortgage broker and have a plan if you want to get a mortgage.  Be realistic about what you will be able to qualify for and work now on repairing your credit score so you'll be able to qualify as soon as you are able to apply.

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Little to zero chance for at least ten years after the bankruptcy was filed. And, it is possible that the application may-ask if you have EVER filed bankruptcy.  You will have to answer 'YES'.

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