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

  • First-time homebuyer's guide to open houses

    Open houses are a great way for first-time homebuyers to get out into the market and see what homes are available and to meet Realtors.
  • Mortgage Rates Radar 06/28/2016: Mortgage rates to see "Brexit" decline

    HSH.com releases its latest Weekly Mortgage Rates Radar showing a slight uptick in mortgage rates during the seven-day period ending June 28, as the repercussions of Britain's vote to leave the European Union has begun to drive down interest rates across the globe. 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).
  • MID-YEAR UPDATE: HSH.com’s yearly outlook: 10 items for 2016

    At the start of each year, HSH.com details the important factors we think are most likely to influence the mortgage and real estate markets in the coming year.
  • Buying a home? 15 ways to shop for the lowest mortgage rates

  • Mortgage Rates Radar 06/21/2016: Mortgage rates creep lower

    HSH.com releases its latest Weekly Mortgage Rates Radar showing another decline in popular mortgage rates in the seven-day period ending June 21, as concerns about this week's so-called "Brexit" vote is keeping investors on their toes. 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).