Can you get a loan after Bankruptcy??

If you’ve gone through a bankruptcy or are considering filing for one to get rid of debt you owe, you may be wondering if it impacts your ability to buy a home.

The answer? Yes, it impacts how you’re viewed by lenders because of the significant negative impact it has on your credit score, but that doesn’t mean that you won’t be able to buy a home.

It certainly creates more of a challenge and barrier to qualify, but if you follow the process correctly and exercise patience, you’ll be well on your way to being a homeowner!

Here’s what you need:

1. If you filed for a Chapter 7 and are choosing a…

Conventional loan:

✅ Complete a 2 to 4-year waiting period ✅ Minimum 620 credit score ✅ 3% minimum down payment

FHA loan:

✅ Complete a 1 to 2-year waiting period ✅ Minimum 580 credit score ✅ 3.5% minimum down payment

VA loan:

✅ Complete a 1 to 2-year waiting period ✅ No minimum credit score (though many lenders require a 620 score) ✅ No minimum down payment required

USDA loan:

✅ Complete a 2 to 3-year waiting period ✅ No minimum credit score (though many lenders require a 640 score) ✅ No minimum down payment required

Have questions? DM me and let’s chat!