After filing for bankruptcy, you may wonder how long you'll have to wait before qualifying for a mortgage loan. The answer depends on the type of bankruptcy you filed and your interest in the loan program.
Here are the typical waiting periods for mortgage loans after bankruptcy:
- Conventional loans: For a conventional loan, you will generally need to wait 2-4 years after a Chapter 7 bankruptcy discharge before you can qualify for a mortgage loan. If you filed for Chapter 13 bankruptcy, you may be able to qualify after one year of on-time payments through your bankruptcy repayment plan.
- FHA loans: For an FHA loan, you will generally need to wait 1-2 years after a Chapter 7 bankruptcy discharge before you can qualify for a mortgage loan. If you filed for Chapter 13 bankruptcy, you may be able to qualify while still in bankruptcy as long as you have made at least 12 on-time payments through your repayment plan.
- VA loans: For a VA loan, you will generally need to wait two years after a Chapter 7 bankruptcy discharge before qualifying for a mortgage loan. If you filed for Chapter 13 bankruptcy, you may be able to qualify while still in bankruptcy as long as you have made at least 12 on-time payments through your repayment plan.
It's important to note that these waiting periods are merely guidelines and may vary based on your specific situation. Additionally, you will need to meet other requirements, such as income and credit score, to be eligible for a mortgage loan.
Call Fleysher Law Today To Arrange an Initial Consultation With Our Bankruptcy Attorney
If you are eager to embark on the path to homeownership after bankruptcy, working with a seasoned mortgage lender who can guide you through the process and help you understand your options is important.
At Fleysher Law, we understand the significance of obtaining a mortgage loan as you rebuild your financial life. Allow us to be your trusted partner in this journey, guiding you through each step with precision and expertise. Here's how we can help you secure a mortgage loan after bankruptcy:
- Personalized Assessment: Our experienced team will thoroughly evaluate your bankruptcy type and financial circumstances to determine the optimal waiting period before you can qualify for a mortgage loan.
- Loan Program Guidance: We will navigate the complexities of different loan programs, whether conventional, FHA, or VA, ensuring you meet the respective waiting period requirements and eligibility criteria.
- On-Time Payment Documentation: If you filed for Chapter 13 bankruptcy, we will assist you in documenting your on-time payments through the repayment plan to expedite your qualification for a mortgage loan.
- Credit Score Improvement: Rebuilding your credit score after bankruptcy is crucial. We will provide guidance on credit management, helping you achieve a favorable credit standing for your mortgage application.
- Knowledgeable Mortgage Lender Referrals: Our network includes knowledgeable mortgage lenders who will support you in understanding your options, income requirements, and credit score expectations, ensuring a smooth loan application process.
The journey to homeownership may have its challenges, but with Fleysher Law by your side, you can confidently pursue your dream of securing a mortgage loan after bankruptcy. Contact us today for a confidential consultation, and together, we will navigate the path toward your new home and a brighter financial future.