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After bankruptcy, how long till I can get another mortgage?

Q: How long after chapter 13 bankruptcy discharge with a lien strip can I finance a new home?

A: According to Fannie Mae, to obtain a new Fannie Mae-backed mortgage after a Chapter 13 bankruptcy, the waiting period is two years from the discharge date or four years from any dismissal date. Freddie Mac's guidelines note a 48-month period for a Chapter 13 bankruptcy caused by "financial mismanagement" or two years from the discharge date.

For FHA-backed loans, it appears the period is only one year, provided you can get the creditors in your plan to provide payment histories that show you have been on time with your payments, plus you'll need permission from the court to enter into a new mortgage transaction.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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