If you have experienced a chapter 13 bankruptcy, and are looking to get a mortgage, this guide will inform you of your potential options.

Before being eligible to get a new mortgage after a bankruptcy discharge, you will need to satisfy the waiting periods for the type of mortgage you want. The waiting periods are different for various types of mortgage programs.

Mortgage Options After Chapter 13 Bankruptcy

The primary types of mortgages are conventional loans, FHA loans, VA loans, USDA loans, and non-prime loans.  You can view the mandatory waiting periods, along with other loan requirements, for each type of mortgage below.

Conventional Loan After Chapter 13 Bankruptcy 

Below are some of the basic requirements to get a conventional loan after a chapter 13 bankruptcy discharge:

  • The mandatory waiting period to get a conventional loan after a chapter 13 bankruptcy is 2 years.
  • Conventional loans require a borrower to have a credit score of 620 or higher.
  • The minimum down payment on conventional loans is typically either 3% or 5%.

Would you like to see if you qualify for a conventional loan?  We can match you with a mortgage lender that offers conventional loans in your location.

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FHA Loan After Chapter 13 Bankruptcy 

Below are some of the basic requirements to get an FHA loan after a chapter 13 bankruptcy discharge:

  • The FHA will allow a borrower to get a mortgage after 12 months of verified payments.
  • FHA loans required a borrower to have a credit score of 500 or higher.
  • The minimum down payment on FHA loans is 3.5%.  However, in order to be eligible for a 3.5% down payment, you must have a credit score of 580 or higher.  With a credit score between 500-579, a borrower will need to put 10% down.

Would you like to learn more about the requirements to get an FHA loan?

Or, if you would like to be contacted by an FHA lender, please fill out this form.

VA Loan After Chapter 13 Bankruptcy

Below are some of the basic requirements to get a VA loan after a chapter 13 bankruptcy discharge:

  • The mandatory waiting period to get a VA loan after a chapter 13 bankruptcy is 1 year.
  • VA loans do not have a minimum credit score requirement.  It will depend on the lender’s minimum credit score requirement, which often is around 620.
  • VA loans to not require a down payment.
  • In order to be eligible for a VA loan, you must be a veteran, or active duty military.

Would you like to see if you qualify for a VA loan?  We can match you with a mortgage lender that offers VA loans in your location.

Click here to get matched with a mortgage lender

USDA Loan After Chapter 13 Bankruptcy

Below are some of the basic requirements to get a USDA loan after a chapter 13 bankruptcy discharge:

  • The USDA will allow a borrower to get a mortgage after 12 months of verified payments.
  • The minimum credit score required to get a USDA loan is 640.  Some applicants may get approved with a lower credit score (as low as 620), but it will require a manual approval.
  • USDA loans do not require any down payment.
  • In order for a property to be eligible for a USDA loan, the home must be located in a rural area.

Would you like to learn more about the requirements to get a USDA loan?

Non-Prime Loan After Chapter 13 Bankruptcy

Below are the requirements to get a non-prime loan after a chapter 13 bankruptcy discharge:

  • Non-prime loans do not require any waiting period after a chapter 13 bankruptcy.  This means that you may be able to get a new mortgage even just 1 day after a bankruptcy.
  • Most non-prime lenders have a minimum FICO score requirement around 500.  However, there are some non-prime lenders do not have any minimum FICO score requirement at all (which means your credit score could be below 500).
  • The minimum down payment requirement depends on the lender.  Some lenders offer non-prime loans with down payments as low as 10%, but it is common for the minimum down payment to be closer to 20% (or higher).

Would you like some help finding a mortgage lender?  We can help match you with a lender that offers non-prime loans in your location.

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Non-Prime Lenders with no Waiting Periods After a Bankruptcy

Below are some of the best non-prime lenders that do not require a waiting period after a chapter 13 bankruptcy:

1 – Citadel Servicing

2 – Angel Oak Mortgage

3 – Caliber Home Loans

4 – First National Bank of America

5 – ACC Mortgage

The lenders featured above are some of best options for a getting a mortgage post-bankruptcy. Would you like some assistance finding a lender?  We can help match you with a lender that offers non-prime loans in your location.

Click here to get matched with a mortgage lender