PART 7:

The journey to homeownership post-bankruptcy can be both challenging and rewarding. The duration largely depends on the type of bankruptcy you filed, your credit health, and the type of loan you’re seeking.

After a Chapter 7 bankruptcy, you’ll typically need to wait two to four years before qualifying for a conventional loan. FHA loans may be available sooner, potentially within two years. For a Chapter 13 bankruptcy, you might be eligible for an FHA loan after one year of making plan payments, and conventional loans might be available within two years of discharge.

The road to a new home after bankruptcy is a journey of rebuilding. You’ll need to focus on improving your credit health, managing your finances wisely, and saving for a down payment and closing costs.

Keep in mind that these are general guidelines and individual circumstances can vary. As a Certified Short Sale and Foreclosure Specialist and a licensed Realtor in the state of Michigan, I am here to assist you in this complex journey. Don’t hesitate to reach out for personalized advice.