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Over the past 10 years, the housing market has taken a big hit from the economic recession in the United States. Foreclosures and bankruptcies have both been affected by this financial crisis. Things are now slowing beginning to change allowing consumers to once again enter the housing market to buy the home of their dreams.


I am often asked by consumers if they will ever be able to own a home after having filed for bankruptcy, and if so, how long they would need to wait to purchase the home. The answer is slightly different in every case. The reason is that not everyone re-builds their credit at the same rate as others. It also depends on what mortgage program you wish to use.


When someone completes a bankruptcy, there are certain steps that they can follow to re-build their credit in a shorter period of time. If someone follows these guidelines, they will be able to qualify for a mortgage loan sooner than someone who does not follow the guidelines. To view these types, see my article entitled “Tips on Rebuilding Your Credit After Bankruptcy”.


There are 4 basic types of mortgage loan programs available for consumers. The waiting periods between bankruptcy and applying for the loan vary between the programs. For FHA loans and VA loans, the time period is generally 2 years. For USDA home loans, the time period is typically 3 years. For Conforming loans (Fannie Mae or Freddie Mac), the time frame may be up to 4 years. It may be possible to qualify for a loan sooner if you filed under “extenuating circumstances” that were out of your control. If you filed bankruptcy after a foreclosure on your home, the waiting period to apply for a new mortgage may be up to 7 years.


So, do not fear. You will still be able to apply for a home loan and purchase a home even after having filed for bankruptcy. Bankruptcy is not the end of your dreams of home ownership. In fact, it may be just the thing you need to clean up your credit so that you can buy a home in the next few years.


If you are struggling and wonder if you’ll ever be able to own a home, I urge you to give me a call. I’ll be happy to sit down with you for a free, no obligation consultation to evaluate your situation and inform you of your different options on bankruptcy so that you can buy that dream home. Please contact me at 281-847-4345 or I look forward to hearing from you soon.

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