It’s believed  by many that once you enter a bankruptcy that you must wait years before applying for a mortgage.  However, in a chapter 13 bankruptcy you can become eligible for a mortgage in just 12 months.

FHA & VA guidelines allow for mortgage financing to purchase or refinance your current home after a satisfactory 12 month payment history.  The key is to make those payments satisfactory.  If even one payment is a day late it could cause the bank to deny you financing.

Other challenges that may arise in qualifying is getting your credit cleaned up and even re-established after you have filed the bankruptcy.  I recommend to my clients to work on cleaning up their credit and to also get set up with new credit to help raise their current credit scores.

The details of a chapter 13 bankruptcy can be different in every case but my team and I have helped hundreds of people get the financing they need or set them up in the right direction for future success.