dcsimg
We research, you save.

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

  • Mortgage Rates Radar 05/03/16: Mortgage rates mostly steady this week

    HSH.com releases its latest Weekly Mortgage Rates Radar showing almost no change but perhaps, the beginning of another decline in popular mortgage rates during the seven-day period ending May 3, as the financial markets turn their focus from the Federal Reserve to incoming data. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today with no change to the federal funds rate and no changes to other monetary policy tools.
  • Mortgage Rates Radar 04/26/2016: Fed impending, rates edge higher

    HSH.com releases its latest Weekly Mortgage Rates Radar showing a modest increase in mortgage rates during the seven-day period ending April 26, as markets prepare themselves for new interest rate messages from the Federal Reserve. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).
  • How quickly can you refinance after a bankruptcy?

    We have received a lot of questions over the years regarding how quickly you can refinance a mortgage following bankruptcy.
  • Mortgage Rates Radar 04/19/2016: Mortgage rates fairly flat

    HSH.com releases its latest Weekly Mortgage Rates Radar showing almost no movement in average rates for popular mortgage types during the seven-day period ending April 19, as there is little news to move them strongly in one direction or the other. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).