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Bankruptcy or foreclosure doesn't mean you can't own a home. We have programs built for fresh starts.
Whether it was a job loss, medical emergency, or divorce—we understand that circumstances change. Our team specializes in helping borrowers find their path back to homeownership.
Understanding your timeline is the first step to homeownership after a financial setback.
| Event | FHAFastest | VA | Conventional |
|---|---|---|---|
| Chapter 7 Bankruptcy | 2 years | 2 years | 4 years |
| Chapter 13 Bankruptcy★ Shortest | 1 year (in plan) | 1 year | 2–4 years |
| Foreclosure | 3 years | 2 years | 7 years |
| Short Sale | 3 years | 2 years | 2–4 years |
Note: Waiting periods are measured from the discharge date (bankruptcy) or completion date (foreclosure/short sale). Extenuating circumstances may reduce these periods.
Document the circumstances. Shorter waiting periods may apply if your financial setback was caused by events beyond your control.
Employer closed or significant layoff beyond your control
Medical emergency that impacted your ability to work
Loss of primary or significant household income
Some cases where divorce led to financial hardship
To qualify for reduced waiting periods, you'll need documentation proving the extenuating circumstances. Our team can help you gather what's needed.
Discuss Your SituationFollow these steps during your waiting period to position yourself for success.
Understand your waiting period based on event type and loan program
Establish positive payment history with secured cards and on-time payments
Build your reserves during the waiting period for a stronger application
We'll verify your eligibility and get you started on your home search
Understand your waiting period based on event type and loan program
Establish positive payment history with secured cards and on-time payments
Build your reserves during the waiting period for a stronger application
We'll verify your eligibility and get you started on your home search
Multiple loan programs can help you recover and become a homeowner again.
Government-backed loans with the shortest waiting periods after bankruptcy or foreclosure.
Strong benefits for veterans and service members, including shorter wait times.
Flexible options that may have shorter waiting periods with alternative documentation.
Get answers to common questions about buying a home after bankruptcy or foreclosure.
The waiting period typically begins from the discharge date of your bankruptcy, not the filing date. For Chapter 7, this is when the court officially releases you from your debts. For Chapter 13, it can start from the discharge date or, in some cases, one year into your repayment plan with court approval.
Yes, in some cases. FHA and VA loans may allow you to qualify after 12 months of on-time payments in your Chapter 13 plan, with court trustee approval. You'll need to demonstrate stable income, a clear budget, and permission from the bankruptcy court to take on new debt.
If your foreclosure resulted from extenuating circumstances like job loss (especially due to employer closure), you may qualify for reduced waiting periods. For FHA loans, the waiting period could potentially be reduced to 1 year with proper documentation proving the circumstances were beyond your control.
Our team specializes in helping borrowers recover. Let's review your timeline together and create a plan.
No credit check required to get started • Free consultation
