How long after a bankruptcy has been discharged can a mortgage loan be gotten for a home purchase?

Hello,Usually withing 24 months with Established Credit you can apply for a mortgage. if you need any additional information about your credit please feel free to contact us using our profile page by clicking on the picture next to this post. Thank you.

The first opportunity is after 2 years, with an FHA loan.

You can generally get a new FHA loan after two years if there was no home involved in the bankruptcy. If you had a home and it was foreclosed or you agreed to a deed in lieu you will have to wait three years for an FHA loan. Conventional loan guidelines are much stricter. Criteria for conventional loan approvals state that if you have been discharged from a Chapter 7 bankruptcy for four years or more, you are eligible to apply for an Conventional mortgage. If you have had a Chapter 13 bankruptcy, it must be documented that the your credit reputation has been re-established for at least two years to be eligible for a conventional loan. Getting a conventional home loan after a foreclosure is up to seven years. Hope that helps. You should find a mortgage professional in your area. They can help you understand the process and lay out a plan for your home buying future.

With FHA and VA mortgages, 2 years from the date of discharge for Chapter 7 and 12 months from the date of filing for Chapter 13. And no lates on anything during that period of time.

Hi Brad, I have a program that will do a loan 1 year after a BK. Call me.

FHA has the most favorable waiting period, which is two years from the date the discharge was ordered by the court. If real estate was involved, including a short-sale or foreclosure, then additional time is generally required. If you are like most individuals that have completed bankruptcy, your credit history is probably a mess. There are a lot of things you can be doing now so that when you're ready to buy, your credit is too. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org