Qualifying for a VA loan after bankruptcy is certainly possible, often in a shorter period than you would with a conventional loan. With a Chapter 7 Make no mistake, a VA loan after bankruptcy is not a quick or easy road. A bankruptcy can cause your credit score to drop anywhere from 130 to 240.
Bottom line. Conventional loans offer a wealth of benefits and are the most used type of home loan used today. Whether you are planning to occupy the property, buying a second home, or an investment property a conventional mortgage is a great option.
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How to Reapply for a Mortgage After Bankruptcy: 9 Steps – Conventional loans may also qualify for a streamline refinance if you can meet the same standards as anyone applying for a FHA loan.  You may be eligible for an FHA streamline refinance 24 months after the discharge of your bankruptcy.
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Getting approved for a conventional loan after a bankruptcy requires meeting the waiting period as outlined in the table above, and demonstrating that you’ve re-established your credit. Re-establishing your credit involves paying your bills on time and keeping balances on revolving credit accounts low.
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Options for Getting a Home Loan After Bankruptcy – myHorizon – For conventional mortgages you’ll need to wait four years after Chapter 7 bankruptcy or two years after chapter 13 bankruptcy. But there are some other mortgage options that require a shorter waits. FHA Mortgage. Two years after your Chapter 7 bankruptcy discharge you may apply for an FHA loan.
Getting a Mortgage After Bankruptcy – AZ Mortgage Brothers – That’s right, borrowers who want to get a conventional mortgage no longer have to wait 7 years if they put their mortgage into a past Chapter 7 bankruptcy. The fact that buyers do not have to wait 7 years after the foreclosure is a really big deal.
Home buyers who use FHA loans pay an upfront mortgage insurance premium (MIP) of 1.75 percent. Borrowers also pay a modest ongoing fee with each monthly payment, which depends on the risk the FHA takes with your loan.
How long you must wait after bankruptcy before getting another mortgage will largely depend on the type of loan you want. In most cases, you’ll have to wait longer to qualify for a conventional mortgage loan than an FHA loan. For this reason, buying a home after bankruptcy might be easier with an FHA loan.