How long do I need to wait for a home loan after bankruptcy?

Hi Smile,

As you had filed bankruptcy in 2009, you won't be able to qualify for a home loan so soon. If you had filed Chapter 7, then you'll have to wait for 2 years to get a FHA loan and 4 years to get a conventional loan after your bankruptcy filing is discharged. If you filed Chapter 13, then you'll have to wait for 1 year to get FHA loan and 2 years to get conventional loan after your bankruptcy filing is discharged.

Thanks

IT'S KNOW 18MO AFTER BANKRUPTCY ,MY CREDIT SCORE IS 660 AND I HAVE 5% TO PUT DOWN COULD I GET A FHA LOAN

welcome ms tee,

after chapter 7 bankruptcy discharge, you'll have to wait for 2 years in order to qualify for a fha loan and 4 years in order to qualify for conventional loans.

Obtaining a mortgage after bankruptcy will considerably depend on your guaranteed income and the amount of money you have as a deposit. Most lenders will require you to wait at least 2 years from the time of your bankruptcy discharge to be eligible for a mortgage application.

I understand how it would feel to have a bankruptcy issue. As much as you to think that it won't affect you of any public processing such as applying for a home loan, well somehow this really sometimes bother you.

However, there are still a bright chance for you. Even you've incurred bankruptcy problem you must consider that not all mortgage lenders have the same requirements and basis.

i just got discharged from chapter 13 1 year 1/2, how or can i purchase a home, but im also looking to buy a car first since my credit is clean. confused on what to do"

hi duran,

after 1 year of your chapter 13 bankruptcy discharge, you may qualify for a fha loan. in order to get a conventional loan, you will have to wait for 2 years after the discharge. if you apply for a car loan now, it may affect your credit and you may not qualify for a home loan now.

You need to wait for atleast 2 years and this time is counted from the date of discharge of bankruptcy till the application date. During this time you need to work on building your credit score. However, in case you have filed bankruptcy under chapter 13 then you can buy a house but only after court gives you permission.

can you collect income tax return when filing bankruptcy and after? what's the dalary range for single divorcee with one dependent

Hi Guest,

When you're in bankruptcy, you may have to give away your tax refunds to the bankruptcy attorney. But after you get a discharge, you can keep the refunds with yourself.

I agree with everyone. You dont have to wait for two years before applying for a home loan. You can apply but probably not to regular lenders. You have to search for sub-prime loans and lenders who specialize with providing home loans to people with bad credit. Interest rates could be extremely high though, so you need to prepare for that. Good luck!