Posted on: 14th Jan, 2013 11:46 pm
hi there… i went through a chapter 7 bankruptcy just 2 years ago. i recently bought a home via a land contract and would love to get out of the land contract and into a normal mortgage as soon as possible. when can i get qualified for a normal mortgage?
After a Chapter 7 bankruptcy discharge, you will have to wait for 4 years to get qualified for a conventional loan. As far as FHA loan is concerned, you will have to wait for 2 years after discharge.
After bankruptcy discharge, the waiting period to get approved for a mortgage loan is 2 years. So, you can surely apply for a mortgage. You have to however fulfill other eligibility criteria to get approved for the loan.