dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

After bankruptcy, how long till I can get another mortgage?

By   |  Posted in Ask The Expert

Q: How long after chapter 13 bankruptcy discharge with a lien strip can I finance a new home?

A: According to Fannie Mae, to obtain a new Fannie Mae-backed mortgage after a Chapter 13 bankruptcy, the waiting period is two years from the discharge date or four years from any dismissal date. Freddie Mac's guidelines note a 48-month period for a Chapter 13 bankruptcy caused by "financial mismanagement" or two years from the discharge date.

For FHA-backed loans, it appears the period is only one year, provided you can get the creditors in your plan to provide payment histories that show you have been on time with your payments, plus you'll need permission from the court to enter into a new mortgage transaction.

More help from HSH.com

  • Refinance on the dips

    Mortgage rates fluctuate like waves in the ocean; refinancers who are chasing the lowest rates can lock in their loan when rates dip.
  • How soon can I get another loan modification after my last one?

    Getting another modification for an already modified loan is tricky, but it can be done in many cases.
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today, raising the federal funds rate; the target range for the key policy tool is now 1.75 to 2.00 percent.
  • 10 metros where a home costs about $1,000/month

    HSH.com identifies 10 metro areas where you can afford the principal, interest, taxes and insurance payments on a median-priced home for only around $1,000 per month.
  • Home price recovery index: Which metros have improved the most, least?

    Have home prices in your area fully recovered from the declines suffered during the Great Recession, or are they still struggling to make it back to the peak it reached before the crisis?