How long after bankruptcy can I get a mortgage?

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.