Home Buying in Millsboro>Question Details

Renee Ross, Home Buyer in Millsboro, DE

how long after bankrupty can you buy a house under chapter 7?

Asked by Renee Ross, Millsboro, DE Sat Sep 22, 2012

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Hi Renee,

It depends on a couple of things.

If you did a chapter 7 and did not include a mortgage, FHA & VA guidelines say you can be eligible 2 years after the discharge date.

If you included a mortgage, FHA states 3 years from when the bank takes back title to the home.
0 votes Thank Flag Link Sun Sep 23, 2012
If you have a Chapter 7 Bankruptcy the typically wait period in order to qualify for a new mortgage loan depends on the loan type you are applying for:

FHA Loan:
2 year minimum wait period plus you must re-establish good credit and have had no new derogatory information since the discharge of the bankruptcy

USDA Loan:
2 year minimum wait period but may be less than 2 years if acceptable cicumstance beyond borrower's control for the bankruptcy

VA Loan:
2 year minimum wait period but may be 1 year if acceptable circumstance beyond the borrower's control for the bankruptcy

Conventional Loan:
4 year minimum wait period

If you have questions feel free to call me at 302-703-0727

John R. Thomas
NMLS 38783
Primary Residential Mortgage
302-703-0727 Office
0 votes Thank Flag Link Sun Apr 28, 2013
I'm not sure what you're asking about. Are you trying to buy a house using a bankruptcy tax rule?
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sun Sep 23, 2012
i never heard of bankruptcy tax rule.
Flag Sun Sep 23, 2012
if you file bankrupy chapter 7 what the longest you have to wait to buy a house im asking ?
Flag Sun Sep 23, 2012
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