Chapter 7 is a serious sort of bankruptcy where you need to wait to acquire a home loan till the court discharges your bankruptcy. Let’s quickly address which home loans are the best for you.
How long can I buy a house after chapter 7?
In few cases, you can apply for a mortgage loan after chapter 7 where you need to wait for 1- year. Therefore, in other cases, you need to wait for at least 10 years. It also depends upon the mortgage type you choose to acquire.
Waiting periods and loan types while getting a mortgage loan on how long can I buy a house after chapter 7?
Different home loans have diverse waiting periods. Let’s explore which option can be suitable for you.
1) Conventional home loans for how long can I buy a house after chapter 7
Conventional loans are a superb choice after chapter 7. Therefore, you can acquire a conventional loan if you improve your credit scores. Also, you need to wait for two years to get approved for these kinds of loans. It can be only possible if the chapter 7 bankruptcy has been discharged.
2) VA Home Loans for how long can I buy a house after chapter 7
VA home loans are the second good option and can be considered on how long can I buy a house after chapter 7. If you are a veteran or an active service member and your chapter 7 has been dismissed for 2 years before you apply for VA Loans. In addition to this, the good news is there is no waiting period for the VA Loans. Even though you can easily apply for a home loan as you work out a repayment plan.
3) Conventional loans for how long can I buy a house after chapter 7
If you try for a conventional loan for how long can I buy a house after chapter 7, you need to wait for a prolonged time. As, chapter 7 need to be discharged 4 years before to application for a conventional loan. When it comes to conventional loans with a chapter 7 bankruptcy, you need to wait for 4 years from the date of filing as well as 2 years from the date of discharge prior to applying for conventional loans.
Tips on how can I buy a house after chapter 7?
1) Strengthen your credit scores
After bankruptcy, it's crucial for you to improve your credit scores so that you can get the best home loan, as chapter 7 can make a negative impact on your credit profile.
2) Pay on time
Always make your payments on time, in order to save yourself from unwanted stress. Plus, this will surely help you to grab the best interest rates in the future as it will build your credit report as well.
3) Talk to the best brokers near you on how long can I buy a house after chapter 7
A broker can surely help you and educate you about your options. Therefore, they will also guide you about the ways to overcome the chapter 7 bankruptcy. Real Estate Diary Have the best brokers near you, so contact them and learn about your choices.