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Nicole, Renter in New York, NY

how long after a person files for bankruptcy can a person apply for a mortgage?

Asked by Nicole, New York, NY Fri Jul 26, 2013

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2 years from the date of your DISCHARGE of a Chapter 7 bankruptcy, you can apply for an FHA loan, provided you have re-established good credit in that time frame. If a house is included in the BK, this is pushed back to 3 years.

For a conventional loan, you can apply in as little as 4 years after the discharge.

If the BK is a Chapter 13 then you may be able to apply a little sooner, but you need to have a perfect payment history on the bankruptcy plan and the trustee would have to agree to let you take out a mortgage.

Hope this helps!
1 vote Thank Flag Link Fri Jul 26, 2013
Like Tony said, 2 years from the discharge date for FHA, and even then it depends on the credit you were able to establish since then and the payment history. Typically lenders are looking to make sure you do not have any type of delinquent credit since the discharge of the bankruptcy.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Jul 26, 2013
Tony gave a very thorough answer. But, every situation is different. I would suggest that you sit down with a mortgage banker to find out exactly where you stand.

Tom Moser
Keystone Realty USA

Long Island's Commission Rebate Realtor
http://RefundAtClosing.com
0 votes Thank Flag Link Fri Jul 26, 2013
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