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Chapter 7 bankruptcy: You must wait two years after the discharge of your bankruptcy to qualify for a government-backed residential mortgage. For a conventional home loan – or one that is not backed by the federal government but conforms to loan limits set by Fannie Mae and Freddie Mac – the waiting period is four years.
Chapter 7 Waiting Periods A waiting period is the amount of time after a bankruptcy has been discharged, or dismissed you have to wait to be eligible for a mortgage. If you have filed for a chapter 7 bankruptcy then the following waiting periods apply
To be eligible for a mortgage loan, Fannie Mae requires borrowers to demonstrate that they have re-established credit. Bankruptcy – Chapter 7 or 11 4 years 2 years. Additional requirements after 3 years up to 7 years: 90% maximum LTV ratios2 Purchase, principal residence
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Conventional Loan Requirements for 2019 Conventional mortgage down payment. Conventional loans require as little as 3% down (this is even lower than FHA loans). For down payments lower than 20% though, private mortgage insurance (PMI) is required. (PMI can be removed after 20% equity is earned in theloan.
If you want to qualify for a conventional mortgage loan after a Chapter 7 bankruptcy filing, you will probably have to wait at least four years. That is, if the loan conforms to the guidelines set by Freddie Mac and Fannie Mae. If you can document some extenuating circumstances that were beyond.
Conventional mortgages are loans that aren’t federally backed and that meet certain loan limit guidelines. Your ability to secure a conventional mortgage loan relatively soon after bankruptcy also.
Conventional loans require the longest waiting period of any loan type. But, for those with a good re-established credit score and a good down payment, it’s worth looking into a conventional loan, since it’s the least expensive of any loan type. If you filed a Chapter 7 or Chapter 11 bankruptcy, you must wait four years from the discharge.
You may apply for a Conventional, Fannie Mae loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, TWO (2) years from the discharge.
Qualifying for a VA loan after bankruptcy is certainly possible, often in a shorter period than you would with a conventional loan. With a Chapter 7 bankruptcy, lenders typically wait two years after the date of discharge. As for chapter 13 bankruptcy, you may be eligible for a VA loan just 12 months removed from the filing date.