Purchasing a Home After Bankruptcy

Purchasing a Home After Bankruptcy from Paragon Home LoansIf you’re reading this one of the things that you’re probably wondering is if you can get a mortgage after you have filed for bankruptcy. The answer is yes, you can!

A person who has filed for bankruptcy can apply for a mortgage between 2 and 4 years after their discharge date. The amount of time necessary that you have to wait following your bankruptcy is dependent on the type of mortgage that you are applying for and whether you filed a chapter 7 or 13 bankruptcy. Generally these are the waiting periods:

Chapter 7:
FHA: 2 Years
VA: 2 Years
USDA: 2 Years
Conventional: 4 years
Chapter 13:
FHA: 1 year
VA: 1 year
USDA: 1 year
Conventional: 2 years

Regardless of how long it has been since the bankruptcy was discharged, the minimum credit score needed to qualify for a mortgage is 620. Of course, the higher your credit score, the better rate and terms you qualify for.