How long do you really have to wait to buy another house after filing chapter 7?

Asked by Jonathanbest, 90703 Wed Oct 19, 2011

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Wed Oct 19, 2011
• FHA requires 2-years BK discharge (only 1 year if it was due to extenuating circumstances, such as medical or death of a wage earner, etc.)
• VA requires 2-years BK discharge (only 1 year for extenuating circumstances)
• USDA requires 3-years BK discharge (only 1 year for extenuating circumstances)
• Fannie Mae & Freddie Mac require 4 years (only 2 years for extenuating circumstances)

In all situations you need at least 12 months of re-established credit and 3 traditional trade lines, some lenders want 3 trade lines of 12 months each. Trade lines that survived a BK, such as a credit card you kept open, a car loan you maintained payments on/didn't include, student loans that you are making payments on that couldn't be included, etc. can count towards the re-established credit.
2 votes
Ruth and Per…, Agent, Los Gatos, CA
Wed Oct 19, 2011
While the official word is 2-4 years

You are looking at 5-7 years.

Best regards
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