If you are wondering how long after bankruptcy can I buy a house? You are not alone. Being granted a mortgage after a bankruptcy can seem to be a never-ending process. However, with the assistance of our mortgage experts, you can expect to receive the most efficient, and effective services we’re able to offer. Typically, you’ll have to wait for a period of 2 years after a discharge and 4 years after a dismissal. However, we offer home loan programs that can be available to you as soon as 1 day after discharge. You are also able to get a mortgage during your Chapter 13 bankruptcy but with some extra stipulations. To learn more about when you can buy a house after bankruptcy read what our mortgage experts have to say.
How Long After Bankruptcy Can I Buy a House with an FHA Home Loan?
We have the ability to help you get FHA home loans as soon as 1 day after discharge. In some instances you can receive an FHA loan during the Chapter 13 plan, or after 12 months of successful payments and approval from the trustee. There are a number of stipulations which you must adhere to best qualify for an FHA home loan. Our dedicated mortgage after bankruptcy division knows exactly how to help you obtain an FHA home loan. With other mortgage companies you will commonly see the duration of time to qualify for an FHA loan after bankruptcy is 3 years. Our team will ensure you’re as prepared as possible for the process at hand. As long as you’re properly aligned with the qualifying factors, we will work to get you for a FHA home loan.
How Long After Bankruptcy Can I Buy a House with Chapter 13?
Getting a Mortgage after Chapter 13 Bankruptcy requires the participant to undergo different seasoning periods after their Chapter 13 discharge. Based on the type of home loan program the seasoning periods vary based on the borrowers current financial position. Loan programs such as FHA, USDA, and VA loans tend to be even the most lenient for the borrower, due to the fact you’re able to borrow just a year into your plan due to the government-backed nature of the FHA, USDA,and VA loans themselves. Your ability to get a home loan can be affected by factors such as credit score, lack of savings, foreclosure/short sale, etc.
Improve Your Chances of Buying a House After Bankruptcy
One key component to improving your chances of buying a house after bankruptcy, is by making on time monthly payments on your repayment plan. A great way to begin making continuous monthly payments is by getting a secured credit card, and paying it off each month. Establishing a history of continuous payments is crucial to rebuilding your credit. It is also a great way to show the courts that you are financially responsible enough to get a mortgage. Peoples Bank Mortgage even has the ability to provide home loans as soon as 12 months into your Chapter 13 Plan with your trustee’s approval.
Securing a mortgage after Chapter 13 Bankruptcy can take as little as 25 days, to as long as 2 months. The most common issues that slow the process down are credit problems, problems with the property itself, and how quickly we receive required documentation from you. In order to shorten this time frame, our team implements the latest technology in order to process your loan application as quickly as possible.
How Long After Bankruptcy Until Can I Buy A House with Chapter 7?
Chapter 7 Bankruptcy entails a waiting period of typically 2 years in total to obtain a mortgage. This waiting period can also be optimized with improving your overall financial status by paying down existing debts. You should also being to build wealth in the form of a savings account, and collateral. While at the same time enhance your focus on your financial goals.
When Can I Buy a Second House After Bankruptcy?
You’ll likely have to wait for a period of 2 years after discharge before you can request a second mortgage. A better option for many borrowers instead of a second mortgage is to do a cash-out refinance. When choosing to do a cash-out refinance a borrower has the opportunity to pay off their first mortgage. In doing so the borrower will receive cash they might need for repairs, debt consolidation, or to address other needs. Cash-out refinances work for borrowers after the third year in their Chapter 13 bankruptcy plan or as soon as 1 day after discharge.
How Long After Filing Bankruptcy Because of Medical Bills Before I Can Buy a House?
Chapter 7 Bankruptcy is the most common route for those seeking to dissolve their debts from unsecured sources. Most commonly these unsecured sources of debt come from medical bills, credit cards, utility bills, etc. You’ll have to wait a period of two years from your Chapter 7 discharge to apply for a home loan. If you filed a Chapter 13 bankruptcy to deal with your medical bills, then you should be able to obtain a mortgage as soon as one day after discharge.
Choosing Peoples Bank Mortgage for Your Home Loan Needs
Partnering with us is the solution for your mortgage after bankruptcy needs. Hopefully our guide has helped answered your question of when you can buy a house after bankruptcy. Learn all about our processes, our expertise, and our excellent services by contacting us. We’ll be sure to respond to your inquiry as soon as possible. We look forward to hearing from you soon!
Published (April 20th, 2018)
Author: Robert Weaver