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

Buying a home this holiday season? Here are a few holiday homebuying tips and hints you should know!

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

  • The salary you must earn to buy a home in 50 metros

    Here’s how much salary you would need to earn in order to afford the median-priced home in your metro area.
  • 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.
  • Why is my lender asking for so much documentation?

    We're looking to refinance our primary home. We own rental properties and the potential lender wants to know everything...
  • Should I consider my home an “asset”?

    The answer is "yes", or even "maybe" or "it can be", usually modified by "but not right away, if ever." When it comes to the financial aspect of homeownership, the answer is rarely simple.
  • Are there drawbacks to buying a 50-year old house?

    Compared to newer stock, buying an older home can pose different challenges, but whether or not there are drawbacks depend on your choices and needs... and on those of the people who owned it before you.