Home Buying in Terre Haute>Question Details

Pam2tommy, Home Buyer in Witt, IL

how long do you have to wait before you can get approved for a home loan after bankruptcy and its all over with?

Asked by Pam2tommy, Witt, IL Thu Apr 4, 2013

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With an FHA loan, it's normally 2 years after the date of discharge on a Chapter 7. It could be as soon as 1 year if extenuating circumstances caused the BK, such as death of a coborrower or a prolonged uninsured illness. But this is a tough exception to get.

On a conventional loan it is normally 4 years from the discharge date, 2 years if you have extenuating circumstances.

The waiting period alone does not make you automatically eligible though. You'll need to re-establish good credit as well. That means a minimum of a couple tradelines with at least a 12 months history and also, ZERO late payments or collections accounts since the discharge. Either of these can set you back to square one.

Hope this helps!
0 votes Thank Flag Link Thu Apr 4, 2013
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