Can I Still Qualify for a Loan?

Waiting Periods for Loans

There are a few different loans you could potentially choose from in the event of post-filing of bankruptcy. The ones that are a bit more forgiving are government-insured loans. Since your credit won’t be stellar, choosing between FHA, VA loan, or USDA could be your best bet, as long as you qualify for one of them.

If you don’t qualify for any government-insured loans, but do for a conventional loan, then the wait time is a bit different. Here are the general wait times for loans:

FHA

  • Chapter 7 bankruptcy: 2 years
  • Chapter 13 bankruptcy: At least 1 year of satisfactory payments and court’s approval
  • Foreclosure: 3 years

VA loan

  • Chapter 7 bankruptcy: 2 years
  • Chapter 13 bankruptcy: At least 1 year of satisfactory payments and court’s approval
  • Foreclosure: 2 years

USDA 

  • Chapter 7 bankruptcy: 3 years
  • Chapter 13 bankruptcy: At least 1 year of satisfactory payments and court’s approval
  • Foreclosure: 3 years

Conventional loan

  • Chapter 7 bankruptcy: 4 years
  • Chapter 13 bankruptcy: 2 years from discharge date or 4 years from dismissal date
  • Foreclosure: 7 years

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