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How long after a bankruptcy can a person buy a house?

  • January 20 2014 - Near Northeast
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Answers (2)

Profile picture for Derekkl
There are some more items that would need to be discussed about the BK before an answer can be given on your specific situation. Was it Chapter 7, 13 or what was the reason for the BK in the first place. Has new credit been established and paid on time? I think the best option is to talk to a mortgage banker/broker like myself to get a specific case answer. I would love to help you with this and can be reached at [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines] when you have time.


Good luck with your search.

Derek Lave
Chase Bank
NMLS#130846
  • January 20 2014
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What type of bankruptcy did the buyer have? To obtain an FHA loan or a VA loan after a Chapter 7 bankruptcy, you must wait two years from the date your Chapter 7 is discharged. You can obtain an FHA loan during a Chapter 13 bankruptcy as long as you have made 12 months of satisfactory Chapter 13 plan payments, but you must have bankruptcy court approval to get the loan. In the case of either an FHA loan or a VA loan, you must provide an explanation of the bankruptcy. Although there is an exception for FHA loans. You can possibly obtain an FHA loan after one year if you had an economic event (such as unemployment) that resulted in a loss of income causing you to become bankrupt. Conventional loans have the longest waiting periods. If you want a conventional loan, you must wait four years after receiving a Chapter 7 discharge and two years after receiving a Chapter 13 discharge. If your Chapter 13 case was dismissed without a discharge, you must wait four years from the date of the dismissal. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 20 2014
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