How Long After Bankruptcy to Qualify for a Home Mortgage

Long & Long Team

How long after bankruptcy to qualify for a home mortgage? People are often concerned whether they will be able to purchase a home or qualify for a home loan after bankruptcy.The answer is not as long as you might think. It usually depends if the bankruptcy was a Chapter 7 liquidation or Chapter 13 payment plan.

Chapter 7

After a Chapter 7 bankruptcy (liquidation) discharge, you normally must wait two years before applying for an FHA-insured mortgage. During the interim period, the borrower must have re-established good credit or did not incur new credit obligations.

Obtaining a secured credit card is often a good way to re-establish credit. In a secured credit card you provide security for the limit on your credit card charges. For example, you give $500 to the credit card company to hold for you as security. Then, you have a $500 limit on charges. If you do not pay, the credit card company can make itself whole by using the $500 held in escrow. If you obtain a credit card after bankrupty make sure your payments are always timely and they report payments to the credit bureaus.

Between twelve months to two years from a Chapter 7 bankruptcy discharge may be acceptable if the borrower can demonstrate that the bankruptcy was caused by circumstances beyond the borrower’s control and the borrower can document an ability to responsibly manage their financial situation.


Chapter 13

Chapter 13 is even more generous than a Chapter 7. In a Chapter 13 you may qualify for an FHA loan after twelve months of payments under the bankruptcy.

The lender must determine that all required payments under the bankruptcy plan have been made on time; and the borrower-debtor has received written permission from the bankruptcy court to enter into the mortgage loan.

Further, the borrower-debtor must document that the events leading to the bankruptcy are unlikely to recur.


Have your financial situation considered by an experienced bankruptcy attorney and former Trustee for the U.S. Bankruptcy Court. Call or contact LONG & LONG at 303-832-2655, or

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