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Refinance After Chapter 7 BK

Is it possible to refi after BK Chapter 7 in less than 1 year if I have 25-30% equity in the home and have a credit score above 660?
  • July 18 2013 - Rocklin
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Answers (4)

Conventional loans = 4 yrs wait.
FHA = 2 yrs wait.
VA = 2 yrs wait.
  • July 23 2013
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Generally FHA you will need to wait 2 yrs. Conventional is 4 years from the discharge date
  • July 23 2013
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Not using any of the more common loan types (Conventional, FHA, etc). However if you really needed to you might be able to get a hard money refinance. The general rule of thumb with hard money is to have 30% equity and an "exit strategy" within the next 24-36 months. In this case your exit strategy would be an FHA refinance 2 years after the discharge of your Chapter 7.

A hard money loan also probably would not make much sense as they are VERY expensive and have high interest rates. But in some unique cases it could be possible and serve the person's goal. 
  • July 19 2013
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More than likely not, but keep searching. The cause of the bankruptcy will usually be a factor in how long you will have to wait. For instance if the bankruptcy was due to and illness or job loss, or financial mismanagement. You will likely need to wait at least another year.
  • July 19 2013
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