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can you buy a home after a bankruptcy and what is the waiting period?

  • August 16 2013 - US
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Answers (4)

The waiting period may depend on what type of loan you are seeking and whether you had chapter 7 or chapter 13 bankruptcy.

For FHA and VA loans you must wait two years from the date your Chapter 7 is discharged. You can also get an FHA loan during a Chapter 13 bankruptcy as long as you have made 12 months of satisfactory Chapter 13 plan payments along with court approval.

For USDA loans you have to wait three years from the discharge date of a Chapter 7 bankruptcy or after 12 months of making Chapter 13 plan payments, with court approval, or at least one year after the Chapter 13 is discharged.

Conventional loans are the longest you will have to wait for after bankruptcy. 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.

Hope this helps and if you found this helpful, feel free to give me a review!

Good luck!
  • August 16 2013
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I would contact you local lender however it's 2 years from the date the house is taken, sold or given back to the bank for a FHA loan and 3 years from date the house is taken, sold or given back to the bank for VA loan.

I hope this helps.
Brian
  • August 16 2013
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The best option would be FHA which only needs 2 years seasoning after a chapter 7 discharge.  Conventional is up to 7 years.  not sure where you are located, I only originate in California but would be happy to answer any questions you have regardless.
  • August 16 2013
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it all depands on type of loans and type of bk you have filed .

please call us we have many programs

Omar Khamisa
Mortgage Loan Manager
[Contact information and website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • August 16 2013
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