how long after bankruptcy can i get a conventional mortgage

The discharge might take place months after the filing. To get a conventional mortgage loan after a Chapter 13 bankruptcy filing, you will probably have to wait at least two years after discharge — or four years after dismissal. Here’s the difference between these terms.

A chapter 7 bankruptcy on your credit file will scare off some lenders until you’ve rebuilt your credit score. If you are planning on buying a house after a Chapter 7, choosing the right home loan and waiting for a certain period of time to pass can help you qualify for the best rate on a new mortgage.

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[See: The 20 Best Affordable Places to Live in the U.S.] How long you need to wait varies by program. In general, you’ll need to wait seven years after a foreclosure or short sale to get. you can.

Bankruptcy can help get your life back to normal, but it also leaves a giant mark on your credit record and can make it hard for you to get a mortgage. But getting a mortgage after bankruptcy is possible. In fact, depending on the severity of your bankruptcy case, the circumstances of the case, and the type of home loan you’re applying for.

Borrowers no longer must wait 4 years before re-applying to get a mortgage. Borrowers can now re-apply for a loan just two years after a bankruptcy, short sale, or pre-foreclosure. This matches.

Therefore, they usually won’t approve loans just after the borrower gets a bankruptcy discharge. There will be a waiting period that can be as little as one year or as many as four years. During that waiting period, you must keep your new developing credit record clean. If you run into trouble, you might have to restart the clock.

Conventional, Private Lenders. For most other types of lenders, the waiting periods can vary. Most are not as lenient as FHA and Fannie and Freddie lenders. The waiting period can range from two to eight years, or longer.

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Conventional mortgage cost comparison To illustrate the difference between getting a conventional loan before and after bankruptcy, consider a borrower who had a credit score of 740 before declaring chapter 7 bankruptcy.