How to Get a Mortgage After Bankruptcy

Declaring bankruptcy is one of the most difficult financial decisions a person can face. While it can feel like a setback, it’s also a step toward a fresh start. If you’re wondering whether you can buy a home after bankruptcy—the answer is: Yes, you can.

At Rapid Home Loan, we work with clients every day who’ve rebuilt their credit and successfully qualified for a mortgage after bankruptcy. It takes planning and patience, but it’s absolutely possible—and we’re here to guide you through it.

📉 Bankruptcy Doesn’t Mean “Never”

Bankruptcy stays on your credit report for 7–10 years depending on the type, but that doesn’t mean you have to wait that long to get a mortgage.

Here are the most common types of bankruptcy:

Chapter 7: Discharges most debts but stays on your report for 10 years.
Chapter 13: Involves a repayment plan and stays on your report for 7 years.

Lenders don’t expect perfection—but they do want to see that you’ve made financial progress since your bankruptcy was discharged.

⏳ Waiting Periods by Loan Type

Each mortgage loan type has different waiting periods after bankruptcy:

✅ FHA Loan

Chapter 7: 2 years from discharge date
Chapter 13: 1 year of on-time payments (with court approval)

✅ VA Loan

Chapter 7: 2 years from discharge
Chapter 13: 1 year into repayment (with approval)

✅ Conventional Loan

Chapter 7: 4 years from discharge
Chapter 13: 2 years from discharge, or 4 years from dismissal

💡 Pro tip from Rapid Home Loan: We can help you determine which loan options you’ll qualify for based on your bankruptcy timeline and credit recovery.

💳 Rebuilding Credit After Bankruptcy

Improving your credit score is key to qualifying for a mortgage post-bankruptcy. Here’s how to rebuild smartly:

Pay all bills on time (even utilities and phone bills)
Open a secured credit card and pay it off monthly
Avoid taking on new, large debts
Check your credit report for errors and outdated info
Build a budget and save consistently

At Rapid Home Loan, we offer free credit evaluations to help you track your progress and know when you’re mortgage-ready.

🏡 What Lenders Look For After Bankruptcy

Even if you’ve had a bankruptcy, lenders may approve you if you can show:

Steady income
On-time payment history post-bankruptcy
Reasonable debt-to-income ratio (DTI)
A solid explanation of the circumstances that led to bankruptcy (e.g., medical hardship, job loss)

🛠️ How Rapid Home Loan Can Help

Our team specializes in helping clients rebuild and requalify. Here’s how we support you:

Personalized loan review based on your credit and bankruptcy history
Custom action plan to improve your chances of approval
Access to low down payment options
Connections to credit repair resources if needed

We don’t judge—we educate, empower, and guide you toward homeownership.