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Life after Chapter 7 bankruptcy: When can I get a home loan again?

If you are considering Chapter 7 bankruptcy, the first thing you should know is that your life is not over. Bankruptcy is a solution that allows you to rebuild your financial life, not end it.

What life looks like on the other side of bankruptcy can look a little foggy before you file it. One of the biggest questions those considering filing for Chapter 7 bankruptcy ask is whether or not they can get a home loan ever again. The good news is the answer is an affirmative yes, with some small stipulations.

In Oregon, the general waiting period to qualify for a home mortgage loan after filing for Chapter 7 bankruptcy is two years. The Federal Housing Administration (FHA) will insure mortgages to individuals who have filed for this type of bankruptcy if you have re-established good credit and have demonstrated an ability to manage your financial affairs.

When you request to be approved for a home loan, the FHA and the bank will have separate rules. Most banks finance an FHA loan with a minimum credit score of 640. The FHA, however, will allow loans with credit scores as low as 540 with a 20 percent down payment.

If you are thinking about filing for Chapter 7 bankruptcy and have concerns about your ability to get a home loan in the future, or if Chapter 7 is the right solution for you, consult with a bankruptcy attorney who can discuss your options and help create a path toward the credit future you desire.

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