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Mortgage FAQ: How Difficult is It to Get a Mortgage After Bankruptcy?


"I WENT THROUGH A BANKRUPTCY SIX YEARS AGO. I’VE BEEN WORKING HARD TO IMPROVE MY CREDIT SINCE THEN, BUT WILL IT BE DIFFICULT FOR ME TO BUY A HOME AND GET A MORTGAGE NOW?"

Although each situation is certainly different, getting a mortgage after a bankruptcy will depend on the type of bankruptcy you filed, the type of loan you’re looking for and how you’ve been able to re-strengthen your credit and financial situation. Each type of loan has a mandatory waiting period after a bankruptcy, ranging between one and four years. The waiting period for a FHA-backed loan is two years for a Chapter 7 bankruptcy and one year for Chapter 13 bankruptcy, as long as you have abided by the terms of the bankruptcy proceedings.

For a conventional loan, the waiting period is four years for a Chapter 7 and two years for a Chapter 13. Keep in mind that there are other requirements you’ll need to meet and you may need bankruptcy court approval before getting a loan. In your particular situation, if you’ve been diligent about paying down debt and you’ve been building up your credit over the past six years—and you’ve met all of the other guidelines—you should be able to buy a home and get a mortgage at this point.

If you’ve gone through a bankruptcy and are interested in buying, make sure you discuss your situation with a financial planner, an attorney (if needed), and your mortgage professional.

For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671

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Licensed by the Commissioner of Banks - License No. MB2671