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

  • 5 things homebuyers should be thankful for this Thanksgiving

    Here are five things homebuyers should be thankful for this Thanksgiving.
  • The salary you must earn to buy a home in the 50 largest 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.
  • The return of subprime lending?

    Nontraditional mortgage products, often blamed for their role in their housing crisis, are starting to make a comeback.
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today, holding rates steady, and the federal funds rate remains in a range of 2 to 2.25 percent.