Angela, Home Buyer in Rancho Cucamonga, CA

How long after you file a chapter 7 Bankruptcy do you have to wait to buy a home and is it more difficult to find some one to work with you.?

Asked by Angela, Rancho Cucamonga, CA Thu Jul 19, 2012

Help the community by answering this question:



It's not professional to bash other professionals on here. If you have a question about our loan program please feel free to give me a call. As the OWNER of both a real estate and mortgage company I'm pretty sure I know what OUR guidelines are, and the guidelines that I stated before are accurate for what our company can offer.

Have a great day!
1 vote Thank Flag Link Fri Jul 20, 2012
I typically have seen it to be 3 years after the discharge date. So, make sure you are looking at the date the court actually discharged the debt. In the meantime, please make sure you are staying on top of any creditors that you were able to keep after the discharge. No late payments. If you do not have any creditors, try getting a couple of small ones. No large balances. Show that you can make payments consistently. Do not charge over 30% of the amount the high balance they give you to charge. Best of luck to you!
0 votes Thank Flag Link Mon Aug 12, 2013
There is a site that will help you determine if you can qualify for a refinance after short sale, foreclosure, or filing bankruptcy. Check out
0 votes Thank Flag Link Sun Aug 11, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sun Jun 30, 2013
Hi Angela,

Diane Wheatley with Move Up Properties and Craig Chastain gave you great information. Its always best to contact a lender and avoid credit repair scams that charge and promise to remove BK, Collections...etc.

Good Luck!
Sharonne Chiu -Office Manager
Move Up Properties
0 votes Thank Flag Link Tue Aug 21, 2012
Hi Angela, It's not just the BK you have to worry about. There are other factors. Have you had any lates or bad credit since then? Also, after 3 years, you're considered a first time home buyer and there are special programs you may want to take advantage of. I have a chart I'd be happy to email you with all the waiting periods. I work with people that have had shortsales and foreclosures all the time. If you have any questions, call me at 909-917-6176
0 votes Thank Flag Link Sun Aug 19, 2012
Hi Angela,

For Chapter 7 Bankruptcy here's a quick look at the waiting periods:

Chapter 7 - FHA Loan: 2 Years
Chapter 7 - VA Loan: 2 Years
Chapter 7 or 11: 4 years

If I can assist you in any way, please don't hesitate to either email me at or call me direct at 909-200-9280. Thank you.

Caroline Barooshian
Real Estate Broker/Realtor®
License: #01067678
Direct: (909) 200-9280
0 votes Thank Flag Link Fri Jul 20, 2012
2 years following your bankruptcy discharge and 3 years following a short sale closing. Some exceptions apply.

It should not be difficult to find a professional to work with you and if you get a feeling that an individual is not tending to your needs, questions or ideas, then move on to an agent eager to walk you through.

Contact me anytime. I would enjoy the opportunity to assist you in any way that I can. Have a great day!

Diane Wheatley, Broker

Check out properties online at
0 votes Thank Flag Link Fri Jul 20, 2012

Disregard the first answer you received.

You may repurchase after Chapter 7 with FHA if at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must have;

• re-established good credit, or
• chosen not to incur new credit obligations. An elapsed period of less than two years, but not less than 12 months, may be acceptable for an FHA-insured mortgage, if the borrower

• can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and
• has since exhibited a documented ability to manage his/her financial affairs in a responsible manner.

You may repurchase with conventional, conforming financing after four-years, measured from the discharge or dismissal date of the bankruptcy action. A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

Just make sure you are getting advice and accurate information from a licensed loan officer and not an agent.
0 votes Thank Flag Link Fri Jul 20, 2012
Hello Angela,

2 years for an FHA loan or 3 years for a conventional loan.

I would be more than happy to work with you! :)

If you have any further questions please feel free to give me a call.

Craig Chastain
Next Level Realty
0 votes Thank Flag Link Thu Jul 19, 2012
Do you work only in California?
Flag Fri Aug 23, 2013
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