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Qualifying for a mortgage after bankruptcy

Personal bankruptcy can often be your best option to avoid slipping further and further into debt. Yet it does not come without is consequences. The impact it can have on credit score (or more specifically, one's ability to finance major purchases such as a home) is typically what worries Cuyahoga Falls residents considering this option the most. You then likely have the same question that many who come to us here at Debra Booher & Associates Co., LPA ask: how soon after filing for bankruptcy can I qualify for a mortgage?

The answer to this question may depend on both the type of bankruptcy you file and type of home loan you eventually wish to pursue. According to information shared by Lending Tree, these specialty loan programs have the following post-bankruptcy waiting periods: 

  • FHA: 2 years for a Chapter 7 case, 1 year for a Chapter 13
  • VA: 2 years for a Chapter 7 case, 1 year for a Chapter 13
  • USDA: 3 years for a Chapter 7 case, 1 year for a Chapter 13

Oftentimes, you could potentially qualify sooner if you are able to come up with a significant down payment. The aforementioned waiting periods are those after which you might expect to receive rates comparable to what other borrowers might get. 

These waiting periods typically commence on the date a bankruptcy case is dismissed or discharged. Conventional loan programs may make you wait 4 years from the date of discharge of a Chapter 7 to apply for a loan. The same is true if you were involved in a Chapter 13 case that was dismissed. If your Chapter 13 case was discharged, however, you may only have to wait 2 years before being in a position to qualify for a conventional home loan. 

You can learn more about dealing with the aftermath of bankruptcy by continuing to explore our site. 

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