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How long do we have to wait after a BK is discharged to get a good rate on a home?

We have a BK that was discharged (chapter 7) in August 2014. How long do we have to wait before we are able to get a good rate on a loan? by henryb186 from Newkirk, New Mexico. Sep 18th 2015 Reply


Jason Berman (jason@jbermangroup.com)
#101 ranked lender in Colorado - 25 contributions

48 months from the discharge or dismissal date.

Sep 18th 2015
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Rick Schmille (Schmillenium)
#5 ranked lender in New Mexico - 20 contributions

Bankruptcy (Chapter 7 or Chapter 11)A four-year waiting period is required, measured from the discharge or dismissal date of thebankruptcy action.Exceptions for Extenuating CircumstancesA two-year waiting period is permitted if extenuating circumstances can be documented, and ismeasured from the discharge or dismissal date of the bankruptcy action.

Sep 18th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

FHA loan offer the shortest waiting periods after a BK chapter 7. The lender will look at the current credit scores and any lates after the BK. Conventional loans have a longer waiting period.

Sep 18th 2015
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