Bankruptcy Waiting Period To Obtain A Mortgage

This article explains the bankruptcy waiting period for each of our different loan products.

Conventional Loan Bankruptcy Waiting Periods

Chapter 7:  The wait is 4 years & one day from the dismissal or discharge date to sign a purchase contract.

Chapter 13:  The  wait is 2 years & one day from the discharge or 4 years and one day from the dismissal date with maximum financing to sign a purchase contract.

Pre-Foreclosure:  You must wait 2 years and one day if you can put 20% down.

Jumbo Loan Bankruptcy Waiting Periods

Chapter 7 or Chapter 13:   7 years and one day is how long you need to wait before one can sign a purchase contract.

Foreclosure:  After a foreclosure a borrower has to wait 7 years and one day before one can sign a  purchase contract.

FHA Loan Bankruptcy Waiting Periods

Chapter 7:  After a Chapter 7 one has to wait 2 years one day before one can sign a purchase contract.

Chapter 13:  After a Chapter 13 one has to wait 12 months one day before one can sign a purchase contract.

Foreclosure:  After a foreclosure one has to wait 3 years one day before one can sign a purchase contract.

Short sale:  If the borrower had no lates then there is no waiting period. If you had late payments leading up to the event, you have to wait 3 years one day before one can sign a purchase contract.

These are the bankruptcy waiting time periods as of the day this article was written.  Like everything else these guidelines may change in time.  Therefore, it would be best to call our office and talk to a live person for the most up to date guidelines.

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Article 1:  Bankruptcy Waiting Periods

Reverse Mortgage:

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