How long after bankruptcy can I get a mortgage?

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    StellarFi
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    Team StellarFi
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    You can still get a mortgage after dealing with bankruptcy.

    If you’ve gone through a Chapter 7 bankruptcy, where the court wipes away qualifying debts but gives your credit a hit, you’ll need to chill for at least four years post-court discharge to be eligible for a conventional loan. Use this time wisely – work on improving your credit so that lenders see you’re a trustworthy borrower.

    Now, when it comes to government-backed loans like from the Federal Housing Administration (FHA) or U.S. Department of Veterans Affairs (VA), you’re looking at a two-year waiting period after your bankruptcy discharge or dismissal. United States Department of Agriculture (USDA) loans, on the other hand, make you wait three years after bankruptcy.

    If you had a Chapter 13 bankruptcy, the waiting game for a conventional loan depends on the court’s ruling. Four years if it’s a dismissal, and if it’s a discharge, you count four years from filing and an additional two years from dismissal.

    For a USDA loan after Chapter 13 bankruptcy, hang tight for just one year after dismissal or discharge. And here’s something to know – there’s no waiting period for an FHA loan after a Chapter 13 bankruptcy, whether it’s a dismissal or discharge.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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