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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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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.

The Law Office of Kim Covington

The Law Office of Kim Covington
1445 Willamette Street, Suite 9
Eugene, OR 97401

Toll Free: 800-673-1891
Phone: 541-393-2790
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P: 541-393-2790

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