How long after bankruptcy can I get a mortgage?
FHA: 2 years post-Chapter 7 (1 year post-Chapter 13 with payments). Conventional: 4 years. Non-QM: as little as 12 months.
Mortgage programs each set their own seasoning periods after a bankruptcy discharge. FHA is the most flexible: 2 years from Chapter 7 discharge, or 1 year of on-time Chapter 13 payments with court approval. VA matches FHA timing. Conventional (Fannie/Freddie) requires 4 years from Chapter 7 discharge or 2 years from Chapter 13 discharge. USDA: 3 years post-Chapter 7. Non-QM programs go shortest: bank-statement, P&L-only, and asset-qualifying programs accept as little as 12 months past discharge, with rate premiums of 0.5-1.5%. Re-establishing credit during seasoning is critical: 3+ tradelines with 12+ months of on-time history substantially helps. Avoid new collections, late payments, or any fresh credit events during the seasoning window. Some programs require a "letter of explanation" explaining the bankruptcy circumstances — medical bills and divorce-driven bankruptcies are typically viewed more favorably than discretionary spending bankruptcies.
People also ask
Does Chapter 13 dismissal vs discharge matter?
Yes. Discharge is favorable; dismissal (the case was thrown out without completion) often is treated like Chapter 7 for seasoning purposes.
Can a foreclosure during the bankruptcy reset the clock?
Sometimes. If the foreclosure was included in the bankruptcy, FHA uses the bankruptcy discharge date. Conventional uses the later date.
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Bank Statement
Bank statement mortgages qualify self-employed borrowers using 12 or 24 months of personal or business bank deposits. No tax returns. Up to 90% LTV.
Asset-Qualifying
Asset-qualifying (asset depletion) mortgages let high-net-worth borrowers qualify using liquid assets in lieu of income. Ideal for retirees and investors.
FHA Loan
Government-insured mortgage with low down payment (3.5%) and flexible credit (580+ FICO). Insured by HUD.
Non-QM (Non-Qualified Mortgage)
Mortgages that fall outside Qualified Mortgage rules — typically used for self-employed, foreign-national, or investor borrowers.