Chapter 7 → FHA
2 years from discharge
Plus rebuilt credit. FHA's most-forgiving timeline. Some lenders allow at 1 year with extenuating circumstances (medical, job loss documented).
Buying After Bankruptcy · the real timeline
Bankruptcy isn't
the end of the road.
Most loan programs have defined waiting periods after Chapter 7 or 13 — measured from discharge date, not filing date. Here are the real numbers, the credit lift required, and the path back.
· The waiting periods
Loan type by loan type.
Real numbers.
Chapter 7 → Conventional
4 years from discharge
Or 2 years with documented extenuating circumstances. Most strict on the waiting period; most flexible on the rate once you qualify.
Chapter 7 → VA
2 years from discharge
VA matches FHA on the waiting period. Active-duty / veterans get the additional benefit of zero down + no PMI on top of forgiving timeline.
Chapter 13 → all loans
1 year of on-time payments + court approval
Chapter 13 is a repayment plan. You can buy WHILE in the plan as long as you've made 12+ months of on-time payments AND the trustee/court approves.
Bonus
Manual underwriting still works
After-bankruptcy files often need manual underwriting (vs DU/LP automated). Slower, more documentation, but real. Find an LO who does manual files.
· Watch-outs
Four mistakes
on the comeback.
Pitfall 01
Counting from filing date.
Waiting periods start at DISCHARGE, not filing. Discharge is when the court closes your case, typically 4-6 months after filing.
Pitfall 02
Skipping the credit rebuild.
Waiting periods are minimum, not magic. You also need a rebuilt credit profile — typically 2-3 secured cards or installment loans, paid on time. Without that, the loan dies even if you've waited.
Pitfall 03
Forgetting the 'extenuating circumstances' clause.
Job loss, medical events, divorce — documented properly, these can cut waiting periods in half on FHA + Conventional. Few LOs proactively pursue this. Ask.
Pitfall 04
Not pulling current credit reports first.
Some negative items 'fall off' your reports automatically (7 years for most negative items). Pull your reports BEFORE applying — older items may already be gone.
Bankruptcy is a chapter.
Not the whole book.
Five minutes. We map your discharge date, current credit, and which loan path opens first.