Mortgage Blog

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:

• Document at least one year into the payout plan has elapsed
• Document all required payments have been made on time
• If borrower is still in repayment, obtain court permission to enter into the new mortgage
• If the borrower is still in repayment, include the Chapter 13 payment in the debt ratio

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.