March 18th, 2013 2:36 PM by Michael and Jill Kohler
Qualifying for Conventional mortgage after Bankruptcy:
With Chapter 7 bankruptcy you need to wait for 4 years before which you can qualify for a conventional mortgage. With Chapter 13 bankruptcy 24 months must elapse from the discharge date or 48 months from the dismissal date.
Qualifying for FHA Loan after Bankruptcy:
Wait period for an FHA loan after Chapter 7 bankruptcy is two years.
To qualify for an FHA loan after Chapter 13 bankruptcy, following guidelines apply:
Qualifying for VA Loan after Bankruptcy:
Two years wait period is required after chapter 7. For Chapter 13 bankruptcy – one year into payment plan is required with all payments made on time. A court permission to enter into a new mortgage is required too.
If you have gone through any of these hardships in the past and considering to buy a home again, contact us so that we can help you qualify for a mortgage.