{"id":1913,"date":"2018-06-22T11:26:02","date_gmt":"2018-06-22T11:26:02","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/\/?page_id=1913"},"modified":"2024-01-01T10:02:34","modified_gmt":"2024-01-01T15:02:34","slug":"MortgageAfterBankruptcy","status":"publish","type":"page","link":"https:\/\/dreamhomefinancing.com\/MortgageAfterBankruptcy.aspx","title":{"rendered":"Mortgage After a Bankruptcy in 2024 – Chapter 7 or 13"},"content":{"rendered":"

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Mortgage After Bankruptcy in 2024<\/strong><\/h2>\n

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If you have filed for chapter 7 or chapter 13 bankruptcy, then you can still qualify for a mortgage just one day out of bankruptcy. Today, there are thousands of people who are trying to find a mortgage after filing for bankruptcy.\u00a0 In the past, finding a mortgage after a bankruptcy was not the easiest thing to do. The good news is that today you can get a mortgage just one day out of bankruptcy.<\/p>\n

Understanding Bankruptcy and its Impact on Obtaining a Mortgage Approval<\/span><\/h3>\n

When applying for a mortgage with a recent bankruptcy, you will likely have difficulty securing a mortgage approval from a traditional bank. There are standard waiting periods after a bankruptcy discharge before you can apply for a mortgage.<\/span><\/p>\n

We will review the bankruptcy waiting periods below, but it if you are thinking about filing for bankruptcy and also would like to apply for a mortgage, then speak with us before making any final decisions. The timing of your bankruptcy process and also the type of bankruptcy will determine if or when you can get approved for a mortgage.<\/span><\/p>\n

When applying for a mortgage before the bankruptcy waiting period has elapsed, the lender will pay close attention to your employment stability and ability for repayment of the loan. Your approval will also be based upon whether you have had any recent late payments on other mortgages. You can expect the down payment and mortgage rate to be a bit higher.<\/p>\n

If you need to apply for a mortgage before the standard waiting period has concluded, there are still<\/span> non qualified mortgage options<\/a><\/span><\/strong> available.<\/span><\/p>\n

How Long after a Bankruptcy Can I Qualify for a Mortgage?<\/strong><\/span><\/h2>\n

There are bankruptcy lenders who can help with your mortgage application even just one day out of chapter 7 or chapter 13 bankruptcy. You will likely need a larger down payment and show that you are taking financial steps to improve your credit.<\/p>\n

Below, we will take you through some mortgage after bankruptcy options and then connect you with some of the best bankruptcy lenders. We understand that you area dealing with a lot and having a bankruptcy is not easy. Let us help guide you through this process.<\/p>\n\n\n\n\n\n\n\n\n
Type of Loan<\/strong><\/span><\/td>\nChapter 7<\/strong><\/span><\/td>\nChapter 13<\/strong><\/span><\/td>\n<\/tr>\n
Conventional<\/span><\/td>\n4 years<\/span><\/td>\n2 years<\/span><\/td>\n<\/tr>\n
FHA<\/span><\/td>\n2 years<\/span><\/td>\n1 year<\/span><\/td>\n<\/tr>\n
VA<\/span><\/td>\n2 years<\/span><\/td>\n1 year<\/span><\/td>\n<\/tr>\n
USDA<\/span><\/td>\n3 years<\/span><\/td>\n1 year<\/span><\/td>\n<\/tr>\n
Subprime<\/span><\/td>\n1 day<\/span><\/td>\n1 day<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* Mortgage after bankruptcy waiting period chart<\/em><\/p>\n

Mortgage after Bankruptcy Waiting Period<\/strong><\/h2>\n

Every type of loan has different waiting period requirements. Here are some of the basics:<\/span><\/p>\n