Forgotten Your Password?

Need to Register?

Question Icon

how long do you have to wait after a Chapter 7 discharged bankruptcy?

by klsimmons1976834 from , California. Oct 3rd 2016 Reply

Elva Wormley (ElvaWormley)
#817 ranked lender in California - 30 contributions

FHA and VA - 24 monthsUSDA - 36 monthsFannie Mae and Freddie Mac - 48 monthsBest regards,Elva A. WormleyMortgage ConsultantOffice (408) 615-8500C2 Financial Corporation2845 Moorpark Avenue, Suite 209San Jose, CA 95128NMLS #331981 / BRE #01274093

Oct 3rd 2016
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Much more info necessary to answer your question.. For FHA, it can be 12 months, 24 months, or 36 months.. For VA it can be 12 to 24 months, and for Conventional, it can be 4 years to 7 years.. The reason the seasoning varies so much, is because there are certain guidelines that allow/disallow certain scenarios.. For example; FHA's "Back to Work" program allows you to purchase 12 months after a BK, but you have to prove you had at least a 20% reduction in income, and as a result of that reduced income, you had to file BK.. There's also guidelines that allow you to purchase from 12 to 24 months so long as you have an acceptable extenuating circumstance.. But if there was a home included in your BK, then FHA will make you wait 3 years. For conventional, if there was a home that was current at the time you filed bk, but then decided to include the home in the BK, then you have a 4 year waiting period.. but if there was a home included that was delinquent when you filed, then you are subject to the 7 year waiting period.. if there was no home included, then 4 years is the required mandatory waiting period.. Again, without knowing all the details, it's difficult to advise you.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Oct 4th 2016
Subscribe to our news feed.