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How long do I have to wait to buy a house and qualify for a mortgage after filing for bankruptcy? I have everything else going for me

by harpes727 from Marlinton, West Virginia. Nov 9th 2020 Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

If you are talking about a Chapter 7 Bankruptcy, the 'penalty period' starts the day after the Judge issues the Discharge Order. For traditional loans, Conventional, FHA and VA, you would be eligible once the penalty period expires. For VA, it's one year, for FHA its two years and for Conventional its four years. However, If you do not want to wait, there are non-qualified lenders that will fund a loan with as little as one-day out of bankruptcy. These programs usually have higher rates and fees, but it can allow you to buy the home now and then you can refinance into a traditional loan with their lower rates, once you become eligible. I have done several of these in the last few years and in every case, the increase in value and growth of the buyer's equity far outweighed the higher cost. We are licensed in WV, so feel free to call and I can help you get set up ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except VA and we're pending approval in MA and NY. ~ www.ApplyYes.com 480-889-9000.

Nov 9th 2020
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