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Even bankruptcy isn’t a permanent black mark. If bankruptcy is in your past, you may be able to apply for a mortgage after a waiting period. But before we get into that, let’s discuss how you can reestablish your credit so mortgage lenders will feel better about the risk when you’re ready to apply.

Reestablishing Credit

Rebuilding credit is a bit like building a house. You have to start with the foundation and work your way up.

You can start by getting a credit card account. You may have to start with a secured account where you put up some of your own money, which functions as the limit for the card. After a few months of making payments, you may be able to apply for an unsecured card so you can show responsibility across multiple credit lines.

It might make sense for you to pay for everything you need with the credit card. The key here is to buy only what you can afford and pay it off completely at the end of every month. In effect, you’ll be treating your credit card a lot more like a debit card, but this behavior will build up your credit every month.

In order to have the best chance of getting a mortgage, you’ll want to build a history of different types of debt. Credit cards are revolving debt. Once you’ve built up some credit with credit cards, it will be easier to get approved for things like installment debt in the form of a personal loan or car loan.

Getting a Mortgage

The most important thing for you to know is that there are waiting periods after a bankruptcy before you can get a mortgage. In most cases, the soonest Quicken Loans can help you refinance your house or get into a new one is one year after the discharge or dismissal of your bankruptcy.

The length of the waiting period depends on the type of bankruptcy you filed for and the type of loan you want to get.

FHA Loans

FHA loans are a pretty good option if you want to get a mortgage after bankruptcy. If you have a Chapter 7 or Chapter 11 bankruptcy in your past, the bankruptcy has to be discharged or dismissed for two years prior to application. If the bankruptcy is a Chapter 13, it can be dismissed just one year prior.

VA Loans

VA loans are another good option. Your Chapter 7 or Chapter 11 bankruptcy must be dismissed for two years before you apply for a VA loan. And there’s no waiting period if you filed for Chapter 13 bankruptcy; you can apply for a mortgage as soon as it’s dismissed.

Conventional Loans

Loans insured through Fannie Mae or Freddie Mac have a major advantage over FHA loans: Mortgage insurance comes off once you reach 20% equity in your home.

Unfortunately, if you try to get a conventional loan after bankruptcy, you’re going to have to wait a little longer. Chapter 7 and Chapter 11 bankruptcies must be dismissed at least four years prior to application for a conventional loan.

In the case of conventional loans with a Chapter 13 bankruptcy, the waiting period depends on whether your loan was discharged or dismissed:

  • If the bankruptcy was discharged, you must wait four years from the date of filing and two years from the date of discharge before applying for a conventional loan.
  • If the bankruptcy was dismissed, the waiting period is four years between dismissal and application.

As with any major financial hit, there’s a road to recovery. Still, if you are diligent and disciplined, you can get a mortgage after bankruptcy. You can talk to one of our Home Loan Experts about your options, or call (888) 728-4702.

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This Post Has 175 Comments

  1. Hello, my girlfriend and I are interest to see if could qualify for a FHA mortgage through you. Our current mortgage is in her name. Her credit score is about 800 and her income is about 45,000. We have 100,000 in equity we plan to use as a down payment. I have an income of 171,000 and credit score of 675. However, I filed chapter 13 three years ago and it was discharged last December. Can we co-apply for a new mortgage through you? Thank you

    1. Hi James:

      In the case of applying for an FHA mortgage after a chapter 13 bankruptcy, it just has to be discharged up before you apply. Therefore, you and your girlfriend could apply together. You can get started online through Rocket Mortgage® or give us a call at (888) 980-6716. I hope this helps! Have a good day!

  2. I filed Bankruptcy chapter 13 on March, 2015 and still the case was active and making payment to chapter 13 trustee. i am available to get home loan? thank you

    1. Hi Sike:

      Unfortunately, we would have no mortgage options for you until one year after the bankruptcy was discharged or dismissed. You would have more options two years post bankruptcy. What I can recommend is that you check out our friends at Rocket HQ℠. You can get your free VantageScore 3.0® credit score and report from TransUnion every week. It will also give you tips on how to improve your score as you go about rebuilding your credit. I hope this helps and I wish you luck!

  3. I will have a year in Sept 23rd on my chapter 7. I’m looking to purchase a home. I filed due to illness. I was in hospital 3 times for phneomnia. My wife is now disabled. I have agreement with student loan I am now paying. Can I get a loan? And when? Credit scores are up, reestablishing credit.

    1. Hi Joseph:

      The magic number for applying for a mortgage after bankruptcy is one year after discharge or dismissal. I’m going to recommend that at that time you speak with one of our Home Loan Experts at (888) 980-6716. You would also have more options once you hit the two-year mark. I hope this helps!

  4. My chapter 7 was discharged june of 2017 my credit is average now.how long do i have to wait to qualify for mortgage?

    1. Hi Jesus:

      We would have an option for you as soon as one year after the bankruptcy discharge. You would have more options two years after the bankruptcy with FHA and VA loans. USDA loan start being viable at three years after discharge. Conventional loans from Fannie Mae and Freddie Mac start four years after the bankruptcy. Since you’re coming up on your year mark, I suggest speaking with one of our Home Loan Experts at (888) 980-6716 to go over your situation.

  5. We filed chapter 7 and it was discharged aug 2017. (Income lowered due to sickness/and owner changed jobs-husband drives a semi for a guy that owns it) We kept our homes and reaffirmed. After bankruptcy we sold one of the places and paid on the note along with bought cows. We now owe $76k left. We are wanting to sell our home and buy a place with land 50-100 ac may or may not have a house. We now have over 50 head of cows. Is there anything we can do or do we have to wait another year? Do you loan on just land?

    1. Hi Christina:

      Unfortunately, the soonest we could help you with anything is August of this year. You would have more options to years after the bankruptcy. We don’t loan on just land. I’m sorry.

  6. i was discharged from bankruptcy in april 2018 i do have 35 percent down to buy a new home , do i still have to wait 2 years

    1. Hi Francesco:

      The soonest we would have any options for you is one year after the bankruptcy discharge. Unfortunately, this is true regardless of your down payment amount. I’m sorry.

  7. We filed for bankruptcy last year, discharge date was in September 2017. We had to file due to our son’s medical bills. We are hoping to get a mortgage this September a year after our discharge date. I have read that in some cases you can be approved in less then a year after bankruptcy if the reason for filing was out of your control or one time loss of income. Since our child being born sick was out of our control is that something you would take into consideration when we would apply for a mortgage.

    1. Hi Crystal:

      I’m going to refer you to one of our Home Loan Experts to make sure you get the best possible information. I can tell you that you’re correct that in the circumstance, you would have to wait until September and that’s the soonest we could help you. There are strict investment guidelines. However, if you call (888) 980-6716 we can start to go over your potential options. My thoughts are with you and your son.

      Thanks,
      Kevin

  8. I declared Chapter 7 bankruptcy about 4 years ago due to a perfect storm of illness and loss of jobs. I make about 130K per year but haven’t been able to save much in a down payment. How much would I need to put down for let’s say a conventional loan after bankruptcy? My credit rating is around 750 btw.

    1. Hi Larry:

      When dealing with a previous chapter 7 bankruptcy, it doesn’t matter as much when the bankruptcy was declared as when it was dismissed or discharged. With that in mind, we have an option for people as soon as a year after dismissal or discharge. You have more options after two years and another potential option after three years if you otherwise qualify. One thing to note is that you can’t get a conventional loan until four years after discharge or dismissal. I’m going to recommend you speak with one of our Home Loan Experts who can go over all of your options at (888) 980-6716. Hope this helps!

      Thanks,
      Kevin Graham

  9. Hello, I have a question regarding home equity loan for some one who had:
    1- Chapter 13 discharged 19 months ago
    2- poor credit scores
    3- looking for home equity loan with manufactured home on land. That is paid full 100 %.
    With approximately 150,500 in equity.
    4- Is there some where we can apply for a HEL of about 65,000?

    1. Hi Pamela:

      Given the dynamics at play here, I’m going to suggest you have this person speak with one of our Home Loan Experts at (888) 980-6716. We don’t do home equity loans, but we do offer cash-out refinances. We could definitely give them some tips and possibly give them a path forward to getting their credit up to where it needs to be. Finally, I would want them to be able to fully go over the manufactured home piece because there are some different regulations around that.

      Thanks,
      Kevin

  10. I recently filed ch 7 bankruptcy its been about a year. I had an injury which left me unable to work for some time. I am looking for a second home which cost 250K ill put down 50K . I have a pension and little expenses now I make about 120K a year. I am defiantly a good risk but i know the ch 7 hurts. any advise

    1. Hi Robbie:

      Since you have a chapter 7 on your record, the soonest we can help you with any kind of mortgage is one year after the dismissal or discharge of the bankruptcy. You would have more loan options available to you after two years. I’m going to recommend you speak with one of our Home Loan Experts by calling (888) 980-6716 and they can go over what you can do now and in the future. Hope this helps!

      Thanks,
      Kevin Graham

  11. Hi, I currently own a home, I have about 130,000 in equity,I filed chapter 13 bankruptcy about 5 and a half years ago, it has been discharged now for about 8 months, my credit score on credit karma is 680 on one and 715 on another. I did reaffirm my home and car at the time of bankruptcy. What I’d like to do is get a home equity loan or a refinace to finish my basement, I’d like about 35 to fourty thousand, how long would i have to wait?

    1. Hi Mike:

      If you get an FHA or VA loan, you could apply now. You would have a couple of other options a year after discharge. For a conventional loan, these must be discharged at least two years for a chapter 13. Call us at 888-980-6716.

      Thanks,
      Kevin

  12. Hello.
    I filed for Bankruptcy 13 in 2013 and will be finished with the payment plan in another 4 months. I own a multi tenant building and there is no mortgage. I need a cash refinance to renovate the building so I can rent out the apts. Would your company be able to assist with my situation?

    1. Hi Andre:

      If you happen to be eligible for a VA loan, we could look at your qualifications as soon as the bankruptcy was discharged. Otherwise, you would have a couple of other options one year after the discharge or dismissal. If you would like to go over your future actions, you can speak with one of our Home Loan Experts by calling (888) 980-6716.

      Thanks,
      Kevin

  13. Hi, I filed chapter 13 and it was discharged March 2016 and the BR will be off credit reports Feb 2018. Currently my loan was transferred to SLS who is terrible along with its reviews. The loan is owned by Freddie Mac……is your company an option for me?

    TY

    1. Based on the information you’re giving me about the timeline of the bankruptcies, we might have a couple of options for you right now and we would have more options for you in March. I’m going to recommend you go ahead and speak with one of our Home Loan Experts. They’d be able to give you more information if you give us a call at (888) 980-6716. Hope this helps!

      Thanks,
      Kevin

  14. Hi, our chapter 7 bankruptcy was discharged in Nov of 2014. I have read you can get an FHA mortgage loan after 2 years from the date of discharge. We have talked to several local FHA lenders but they all tell us 3 years. We found a double-wide on 4 acres of land that we would love to have. It is not on a foundation or basement and the house needs work. We cannot get a conventional loan because it’s not on a foundation. We would love to have this place do you think there’s anything you can do? Our local FHA lender said they would be happy to give us a loan if we come back in January but this place will be gone by then. Thanks

    1. Hi Shane:

      We could look at a loan for you 2 years after discharge. Unfortunately, though, we don’t do any lending on mobile homes including double wide trailers. I’m sorry.

      Thanks,
      Kevin Graham

  15. I had a CH 7 Bankruptcy discharged in April 2014. My score is at 681 now (middle score). I am selling my prior home, which I held through BK and should have about 72k in net proceeds. I am looking to buy a home for about $200,000.

    I’m being told by a mortgage lender that they can’t use my full pay because part of it is overtime. I work as a truck driver and my current employer verified that I am scheduled to work 60 hours a week and typically do work 60 hours each week. However, I have only been with them since January. My prior employers (4 1/2 years in the same industry) verified that I worked 60 hours a week, but won’t state I was paid overtime so the lender is not accepting my overtime as part of my salary. Since I had a BK in 2014, I’m told I am being manually underwritten, so I cannot go over 40% DTI. This is making my figures a little tight, unless I can find an insurance agent willing to write a policy for $50 a month. I have been told to pay off the car, which is $467 a month so I can get the $135,000 mortgage.

    My house in escrow is in California and Quicken Loans® is my lender already. Your company was helpful before when I had trouble getting a loan. What do you think about this? Can you help with this? Honestly, I’m almost there, I’m just a few grand short it seems of what I should be able to do. I make about $1300 a week but can only qualify as if I make $700. I have $72,000 to put towards a $200,000 home. I don’t see where I’m asking for the moon here. Isn’t the risk rather low to the lender? Even I never make a payment, short of a real estate collapse, I don’t see how any lender could lose even without PMI.

    1. Hi Greg:

      I’m glad to hear we were able to help you in the past and we can certainly take a look at your situation. Verification of overtime and the changing of jobs can certainly be a hurdle, but we can work to see if you have any options. I’m going to recommend you go ahead and speak with one of our licensed Home Loan Experts. They can dig into your situation more thoroughly than I can here. If you give us a call at (888) 980-6716, someone will be more than happy to walk through your transaction and see if we can help you.

      Thanks,
      Kevin Graham

  16. We are trying to obtain a mortgage after going thru a Chapter 13 Bankruptcy filed August 1st, 2011 and dismissed in September 2015 as we were able to pay it off 1 year early with the courts approval. We were told we have to wait for 4 years after dismissal. Do we have any options? We are going to pay a 25% down payment ( $59,000). Both of our Credit scores are good. Hers 725, Mine 699. We have an income of $125,000 and DTI ratio of 22.5% which includes our $1,280 Rent. Do we have any options .

    1. Hi Fred:

      We could take a look at FHA and potentially a couple of other options for you. I’m going to recommend you speak with one of our Home Loan Experts by filling out this form or calling (888) 980-6716.

      Thanks,
      Kevin Graham

      1. Thank you Kevin, I will call. I already have put down earnest money and have a ten day window to back out if I can’t get one.
        Fred

  17. hi I was wondering if there are any programs for applying for a mortgage before the 2 year discharge waiting time. chapter 7 no house included in foreclosure. my credit is at least a 650 now, I pay almost 3000 in rent and find it would be better to pay a mortgage and own something. if there is a program let me know otherwise I do not have a millionphone calls.

    1. Hey Gina:

      Based on the credit score information you’re giving me, we may have one program to help you with a new purchase as little as one year after the discharge or dismissal of your bankruptcy. I certainly understand your concern about not wanting to have a million phone calls, so I’m also going to let you know up front that you would need a 20% down payment. Your debt-to-income (DTI) ratio also cannot exceed 45%.

      If this still sounds right for you, you can get in touch with us by filling out this form or calling (888) 980-6716. Hope this helps!

      Thanks,
      Kevin Graham

  18. Hello,

    My spouse filed for bankruptcy a little less than a year ago. I am not included in the bankruptcy. I am, however, in the market for a home (first home buyer in Texas), and was wondering if there is a way to account for my spouse’s income without the bankruptcy impacting the mortgage loan.

    Thanks,
    Josh

    1. Hi Josh:

      Since your situation is a little complex, I’m going to recommend you speak with one of our Home Loan Experts by calling (888) 980-6716. They would be able to go over your situation in detail.

      Thanks,
      Kevin Graham

  19. My wife and I were discharged from chapter7 bankruptcy in September 2016. We want to purchase a house and our credit scores are decent enough that I think we are good to be approved. How long do we have to wait because we found a house we love and don’t want to lose. Any suggestions?? Please we are desperate? Thank you. Scott.

    1. Hi Scott:

      Unfortunately, the absolute soonest we could help you with a mortgage is one year after the bankruptcy is discharged, so you would have to wait until the date in September. I’m sorry.

      Kevin Graham

  20. My husband and I are about 2 to 2 1/2 years out from Chapter 13 Bankruptcy. Our credit is still not great. We have tried to have credit cards to help rebuild our credit, but we are now paying them off. I think this has backfired a bit. We aren’t looking for a huge loan, just enough to get us into a little nicer house in a little nicer neighborhood for our kids. Do we have any options? Or do we need to wait even longer before trying to get a new mortgage?

    Thanks!

    Carrie

    1. Hi Carrie:

      Depending on your discharge or dismissal date, we may have some options for you. I’m going to recommend you talk to one of our Home Loan Experts by calling (888) 728-4702 or filling out this form. They’ll be able to go over your situation.

      Thanks,
      Kevin Graham

  21. We were discharged from Chapter 7 bankruptcy in December 2015. We would like to buy a new home. We kept our house through bankruptcy and continued paying our loan. We have about 50% equity toward a new house. I am the main income generator and my score is in the high 600s. My husband receives social security and has a credit score in the high 700s. Do we stand a chance of getting a loan or do we have to wait at least 2 years?

  22. I filed chapter 7 bankruptcy last year because I had a large loss of retirement income. I currently have a VA mortgage through Quicken Loans® that we kept paying on during the bankruptcy. My wife owns a house that is in her name only and she din not file with me. What we want to do is sell the house that we are currently living in and get a loan to remodel her house. I have been able to replaced most of the lost income from other means now and my credit score should be back close to 700 in about 6 months. Is it possible to get a loan to remodel her house. 90% of our income of $80,000 is mine.

    1. Typically, you would have to wait until two years after chapter 7 bankruptcy discharge. That being said, we may have an option for you a year after discharge. If you talk to one of our Home Loan Experts at 888-728-4702, they can go over your options.

  23. So we were told we could apply for a FHA loan and possibly be approved but would need to show that after our bankrupcty (discharge2014) we paid our mortgage on time, we did applied for a modification and were denied by our lender so now we are behind…will this affect us getting a new loan and being able to sell
    Our house?

    1. Hi Michelle:

      It shouldn’t necessarily affect your ability to sell the house because at that point you’re paying off the loan. Your mortgage company may take extra for any late fees that haven’t been paid. However, depending on how far behind you are and how many late payments, it could affect your ability to get a new loan. I’m going to recommend you talk to one of our Home Loan Experts by calling (888) 728-4702.

      Thanks,
      Kevin Graham

  24. Hi. We filed for chapter 7 about a year and a half ago. I have read on a few site that there may be some FHA programs that will allow us to apply for another mortgage after a year. We had to file do to a job loss and a childs medical reasons. We have established credit and both have high 600 scores. Is there any options for us or will we need to wait until the 2 year mark?

    1. In general, the waiting period is two years. We do have one program we could take a look at with you. I’m going to recommend you talk to one of our Home Loan Experts by filling out this form or calling 888-728-4702.

      Thanks,
      Kevin

  25. […] Mortgage After Bankruptcy? | Quicken … – Even bankruptcy isn’t a permanent black mark. If bankruptcy is in your past, you may be able to apply for a mortgage after a waiting period. […]

  26. I recently filed bankruptcy but I did not include my house or my car but this morning I woke up to a credit monitoring alert that my house was included in the bankruptcy. Is this a normal process and should I be worried that my house will be taken? I am current on my mortgage payments.

    1. Hi William:

      First, obviously keep paying your mortgage payment. I’m not a bankruptcy attorney, but it doesn’t sound normal they would suddenly include your house in the bankruptcy when it wasn’t meant to be included. I would contact your bankruptcy attorney as soon as possible because there’s the potential that this could cause problems down the line, but you need the advice of your attorney.

      Thanks,
      Kevin Graham

    2. I had the same issue, chapter 7. I thought it was a glitch. I spoke to the bankruptcy lawyer. When filing chapter 7 all debts are included in bankruptcy. Your house/car are safe as long as you keep paying your mortgage. There is one advantage for you. Should you go into default on your mortgage you can walk away from your home owing nothing and the same for your car. Obviously the bank will take the house and car but you have no financial responsibility. The disadvantage is that if you do pay on time there will be no favorable credit reporting on these. I do not no how long this is in effect. That’s a new question.

      1. Hi Joseph:

        Chapter 7 bankruptcies stay on your credit report for up to 10 years. You can get a mortgage as soon as a year after discharge or dismissal, but you have more options through FHA after two years. Hope this helps!

  27. I filed bankruptcy chapter 13 in Dec 2009. My BK was discharged in January 2015. My credit scores are approaching the 700’s with two out of the 3 credit bureaus reporting over 700’s. I am interested in buying a home and putting down 20%. I have over 140k income per year. Will I have a problem getting approved. Also, I read that the bankruptcy will automatically come off my credit in December of this year since that will be 7 years from the filing date. That should significantly improve my score.

  28. Hi, my bankruptcy has been discharged for 2 years. I filed due to cancer, not financial issues. My credit score is in the good range and when I applied for a mortgage I was turned down because my discharge was only 2 years old. The loan officer told me that I should look for a lender that does manual underwriting since my bankruptcy was due to catastrophic illness and my credit it good now. Do you have any lenders that can help? I dont want to fall victim to unreputable lenders.

    1. Hi Janine:

      First, congratulations on beating cancer. That’s a huge win!

      If your bankruptcy is two years old, we may have some options for you. I’m going to recommend you talk to one of our Home Loan Experts who can walk through your situation and determine the best possible option for you. You can get in contact with them by filling out this form or calling 888-728-4702.

      Thanks,
      Kevin Graham

  29. Hi, Kevin;
    I went through a Ch 7 BK after the 2008 mortgage crisis…filed in 2009. Unfortunately, the way my income was structured, the trustee was going to go after the lion’s share, so I had to convert to 13. The lawyer we had missed a filing deadline, so it was dismissed in early 2010. Since about 2011 or so my wife and I have established extremely good fiscal habit, we have 2 credit cards, and the balances are paid each month. I have an existing mortgage, and am looking to do a HELO or refinance wherein I can take out about $50,000 to purchase a building for my office. In your experience, is this something Q Loans can do? My FICO scores are around 700.

    1. Hi John:

      If I understand correctly, your bankruptcy was dismissed in 2010. Given that fact, we may have some options for you. We can put you in touch with a banker if you fill out this form or call 888-728-4702.

      Thanks,
      Kevin Graham

  30. I am four years post bankruptcy (discharged) I am going for an FHA loan. Will I encounter any problems using quicken loans? I heard they would need two years of proof of rent payments. Whats the point of that if its been four years? Other banks did not ask for this.
    I have been with the same company for over 10 years does that help the process? My wife has been with her job for a year will that affect us? My score is in the 700s hers is in the mid 600 range (middle scores) should I be worried?

    1. Hi George:

      There are specific requirements depending on bankruptcy type and the type of loan you’re trying to get. It’s really best to talk to a banker and go over your situation. We can put you in touch with one if you fill out this form or call 888-728-4702.

      Thanks,
      Kevin Graham

  31. Hi There, My husband was a victim in a ponsi scheme forcing him into a chapter 7 bankruptcy
    in Feb 2010. It still has not been discharged and we have not gotten any communication from them in over 3 years. Can he still qualify for a mortgage? His credit score depending on who you pull it from ranges from 685-710

    1. Hi Brandi:

      I’m sorry to hear about your husband’s situation. Unfortunately, we don’t have any mortgage options for him until at least a year after the bankruptcy is discharged and I suspect that’s going to be the case with almost any lender. Hopefully you at least know where you stand now and I wish you good luck.

      Thanks,
      Kevin Graham

  32. Hi. I am wondering about a few things regarding my current situation, searched the web, and then found your blog.

    My wife and I filed for ch 7 bankruptcy in 2012 due to job loss and it was discharged in Oct 2012. However, it wasn’t sold until April 2015. I know we aren’t qualified for FHA until 3 years after sheriff sale.

    I believe we will be qualified for a conventional loan through Fannie Mae/Freddie Mac in Oct 2016. We have rebuilt our credit with FICO scores just above 700 for our “mortgage FICOs” with our middle scores being 700ish.

    We have some savings but certainly not enough for 20% down on the loan we think we can qualify for. We make 120k together and have solid jobs since our bankruptcy. We have several credit cards that we used for building our credit back up with zero balances but that were also rolled into a small personal loan to consolidate at a much better rate and also show “credit utilization” to keep the scores increasing. That PL balance is low and our current DTI is 17% including student loans, car loans and the personal loan.

    Does QL offer loans to folks like us without 20% down but are closer to 5% down? Also, what are the conditions for the program that pays PMI for borrowers with higher rates? Lastly, given what I have mentioned so far, are the rates we are to expect going to be “sky high”?

    1. Hi Steven:

      I’m going to try to take these one at a time. You do qualify for an agency loan beginning in October. We do offer several low down payment programs. I would say that 5% is not at all unrealistic. With PMI, it’s much harder to give you an estimate of rates because those change every once in a while and who knows what they will be in October. One thing I can tell you is that from everything you’re telling me, it sounds like you’re making all the right moves post-bankruptcy.

      Thanks,
      Kevin Graham

  33. I have a chapter 7 bankruptcy like a year ago threw a bad divorce my credit score is now a 750. Is there and chance of me getting a mortgage or do i have to still wait the 2 years. Thank-you for any help

    1. Hi Jonathan:

      Whether you have any options depend on how long since it’s been discharged. You have limited options after a year. FHA and VA loans will let you do it after two years. A conventional loan has a for your waiting period. If you fill out this form.

  34. My wife and I had a chapter 7 discharged in may 2013. We inclued our rental ans personal properties. Our credit has since been restablished and the banks have taken full ownership of the properties. Can we get a another mortgage?

  35. Hey Kevin, The 23rd of June was my two year anniversary for my chapter 7 bankruptcy. I have a credit score of 700 give or take 10 points. Ive worked really hard the past two years, I have 20,000.00 worth of credit cards with 12% utilization, and ZERO late payments. I make around 60000.00 a year, and ill have 5000-10000 dollars for a down payment. Do you think Quicken will work with me?

    thanks
    Jon

      1. Hi J:

        We can definitely help you look into your options. I want to be clear that two years refers to the time since the dismissal of the bankruptcy. Someone will be reaching out to help you look into this.

        Thanks,
        Kevin Graham

  36. Hello! My husband has been working for the state since 2005. We were discharged a chapter 7 in 2014. We have a few credit cards and some scores are almost at 700. Would this be something Quicken would work with for a possible mortgage? We only have a small down payment saved but it is something. Thank you for your time

    1. Hi Jodi:

      The number of options you have depends upon when in 2014 your bankruptcy was discharged. Either way, it’s something we can look into and go over with you. I’m going to have someone reach out.

      Thanks,
      Kevin Graham

  37. My chapter 7 was discharged a year ago this past March. I filed due to medical bills, home and auto were not included and payments made on time. I keep getting told I have to wait 2 years with your bank. WHY? I want to stay with Quicken Loan but my home needs improvements and I’d like to get them done this year. I only want to re-finance..

    1. Hi Jane:

      Due to mortgage investor requirements, a bankruptcy of any kind tends to limit the mortgage options you may have available. We would be happy to take a second look at any choices you may have. If nothing else, we should be able to give you some solid advice. Someone will be reaching out. Thanks for choosing us!

      Kevin Graham

  38. Hi,
    We were discharged from Chapter 13 a year ago. We have a credit card that we use to build our credit back. We have a solid combined income 100K+, and currently own a home with low mortgage payments. What are the options to get pre-approved for a 30 year fixed with a decent interest rate?

    1. Hi David:

      Your options may be limited due to the bankruptcy, but I can have someone reach out to go over any moves you might be able to make and timelines.

      Thanks,
      Kevin Graham

  39. I just recently files bankruptcy on 3/22/16, I have not ever had a mortgage or car loan and I was wondering how long it will take after the final closure to be able to start a mortgage??

    1. Hi Kenny:

      Sorry to hear about your financial trouble. The waiting period depends on the type of loan you’re trying to apply for, so the following are general guidelines:

      • Discharged or dismissed two years prior to application if you file Chapter 7 or 11
      • Discharged or dismissed one year prior to application if you file chapter 13

      Hope this helps.

      Thanks,
      Kevin Graham

  40. My fiance are looking into buying a home within the next year. My income is much higher but I had a Ch. 7 less than a year ago. His credit is excellent but his income only qualifies him for $120k but mines would give us over $300k. What are our options?

    1. Hi Nette:

      Unfortunately, there are no options where you can be on the loan right now. With a chapter 7 bankruptcy, you have to wait at least two years before you have any mortgage options. I wish I could give you better news, but at least you know where you stand.

      Thanks,
      Kevin Graham

  41. I have discharged chapter 7. 1 yr ago and credit is now a 650. My fiance has never filed anything his credit is around 650. We make about 100,000 a yr and was wondering if we can go ahead and apply for a mortgage.

    1. Hi Rudy:

      Whether you can or not depends on what type of loan you’re trying to apply for. I’m going to have a Home Loan Expert reach out to you with more information.

      Thanks,
      Kevin Graham

  42. Hello,
    I filed for bankruptcy chapter 13 in February 2015. I have made on time payments for a year no . I just requested to have my chp 13 dismissed voluntarily. Reason being I only had $5K in debt outside of my car loan $30 . I only did it because I got into a financial issue and car got repossessed so I filed to get my car back. So in the past yr I paid my car payments on time and figured I can pay off my collections to have them deleted from my credit report since its only $5K. my question is can I still qualify for a mortgage if I get my score to at least a 620. I make ~$80K salary and have been employeed for 11yrs in the same industry

    1. Hi Lisa:
      If you happen to qualify for a certain type of VA loan, you may be able to apply immediately after the bankruptcy is dismissed. Otherwise, you’ll have to wait at least a year after dismissal. I know it’s probably not the answer you’re looking for, but hopefully, it’s helped clarify things.

      Thanks,
      Kevin Graham

  43. My wife and I emerged from Ch 13 almost 2 years ago with a foreclosure the bank delayed until just a few months ago. Our income is +$200k and scores of 730 with ontime payments for 5 years for Ch 13 and ontime payments for three financed cars and student loans. We are starting the process of looking for a mortgage and understand that we qualify for an FHA and that even though we are 18 months post discharge, some mortgage companies offer jumbo loans. What are our options through Quickenloans or other mortgage company? thanks,

    1. Hi Donald:

      Every situation is different and there’s a couple of dynamics to work out here. I’m going to have a Home Loan Expert reach out to go over your situation.

      Thanks,
      Kevin Graham

  44. Hello: We are 2 years 6 months after our Chapter 7 was discharged. We are 6 years post short sale. Me and my wife are slowly rebuilding our credit with FICO score ranging between 635 and 650. We do not have car notes. We gross $130K per year. We have steady jobs. We have saved $25,000.00 towards down payment. We know that the earliest for us to be eligible for a new mortgage is 2 years post bankruptcy. We want to buy a house this summer. Do you have any info for us on how to start the process ? Thank you.

    1. Hi Julius:

      I would be happy to have someone reach out and help you go over your options. We’ll be in touch soon.

      Thanks,
      Kevin Graham

  45. We were discharged Chapter 7 one year ago, Short-sale 2 years ago, had FICO of 795 when filed, now have Transunion score of 687. I am LEO with Federal Government and we get transferred around the States. All of this hardship was due to one of the transfers. We now make just under $100,000 a year and the house we rent is being sold. We live in a rural area and there is nothing left to rent. Do we have any options to buy? We do have some cash for somewhat of a down-payment.

    1. Hi Josh:

      I’m going to have someone reach out and see if you have any options. They’ll be in touch.

      Thanks,
      Kevin Graham

  46. Charter 13 will be discharged in 3 to 4 months, we have made credit cards and all payments on time. We are receiving a large inheritance and would like to buy a bigger house if this is not possible because it’s still under a year what kind of interest rate will we be looking at after a year. How many %s higher. Also can I refinance current home now for a lower interest rate which is 8.5%? Thank you

    1. Hi Anne:

      Unfortunately, you can’t get a mortgage for at least a year after the bankruptcy is discharged with FHA. If you qualify for a VA loan, you can apply immediately after the bankruptcy is discharged. Either way, rates at that time will be impossible to predict as they change daily.

      Thanks,
      Kevin Graham

  47. Hello, my husband and I are 1 year out of a chapter 7 BK. We know which home we want to buy. It’s a new subdividion. We bring home around $5300 a month. We have 2 cars financed. 2 credit cards. Can we get a mortgage now?

    Linda Burks

    1. Hi Linda:

      Unfortunately, you have to wait at least two years after chapter 7 discharge to get an FHA mortgage and that would be the soonest you could get anything. I wish I could give you better news.

      Thanks,
      Kevin Graham

  48. I had a bk13 dismissed in 2011 due to unemployment and eventually filed bk 7 in 2013. I now have credit cards and auto financing all paid on time but my credit score is 600. I don’t understand but my rent/finance payments are all paid as agreed. When should I look into mortgage financing because my rent will be upwards of $900 a month soon? That’s too much not to be buying. I earned $65,000 last year and $ $43,000 in 2014. My average biweekly pay is about $2400-$2500 with OT. I think I should wait to get my card balances down some more but I also pay high rent which is ridiculous. Just asking.

    1. Hi BJ:

      I can’t comment on your mortgage eligibility without knowing when or whether your chapter 7 bankruptcy was discharged. However, I’m going to get you in touch with someone that can go deeper on your situation. They’ll be reaching out.

      Thanks,
      Kevin Graham

  49. I am 6 months out of chapter 7 and I am looking to purchase a new home as our family has gotten much larger. I have several credit cards that I pay monthly and have bought a new suv due to my wifes car dying my credit is improving dramatically should be close to 700 can I get a loan.

    1. Hi Tim:

      Unfortunately, it’s not possible to get a mortgage until the chapter 7 bankruptcy has been discharged for at least two years. I wish I could give you better news.

      Thanks,
      Kevin Graham

  50. Hello,
    I am recently past my 2 year mark after my bankruptcy was discharged ( February 15 2014). I have rebuilt my credit and my credit stands around 650 I have about 10000 in savings and was wondering what my chances are at getting a mortgage? It seems every lender I try to talk to gives me the run around.

    1. Hi Tom:

      It depends on the type of bankruptcy you filed for. I’m going to have one of our Home Loan Experts reach out with more information. They can help work and your situation.

      Thanks,
      Kevin Graham

  51. Hello,

    I had my Chapter 7 discharged Aug 2013. I have already begun to rebuild my credit and I am looking to purchase a new home. My annual income is upwards of $43,000. Am I able to get approved for a mortgage? Thank you.

    1. Hi Carolina:

      It depends on the type of loan, but you have two or three options we could look into. I’m going to pass your information along to a Home Loan Expert so we can look more into your situation and reach out.

      Thanks,
      Kevin

  52. Will be a year after chapter 13 discharge in April. The trouble I am finding is that I really want to refinance our mortgage since our rate is 11% however our last appraisal was only for 80k 4but our payoff is $84k and companies are not able to refinance our mortgage without us bringing $6k to closing. What do you suggest we do?

    1. Hi Laura:

      You’ll be able to do an FHA loan in April. I’m going to pass this on to someone and see if there’s any way we can help you.

      Thanks,
      Kevin Graham

  53. Hello I’ve have been discharged out of my chapter 13 for little over 8 months me and my wife have good jobs and we are paying bills on time we are renting right now and it’s way too high we have been looking at some house are they any thing that we can do to get started now

    1. Hi Tracey:

      If you’re eligible for a VA loan, you could apply right now. Otherwise, you can get an FHA loan after a year.

      Thanks,
      Kevin Graham

  54. I am 2 years into my bankruptcy and I have 3 years left (all payments on time) and my house was recently foreclosed on in December of 2015 because I started a deed in lieu of foreclosure and they thought they would make money on the sale so they went ahead and foreclosed. We are renting for $1750 a month and never have been late and I know we could afford a mortgage versus paying this much money for someone else’s problem. My husband (not included in the bankruptcy) and I are saving up to buy a house but is this at all possible?

    1. The ability to get a mortgage is very limited if the bankruptcy hasn’t been discharged yet. However, I’m going to have a Home Loan Expert reach out to you to get more information on your situation.

      Thanks,
      Kevin Graham

  55. We filed chapter 7, 3 years ago reafirmed out home,never missed a payment,never missed payment on car,it will be payed off in 6 months,have 2 small loans never missed payment,my interest rate is 11% on my home,can I get a lower rate?

    1. Hey Roben:

      Depending upon when your bankruptcy was discharged, you may have some options. I’m going to have a Home Loan Expert reach out to you with more information.

      Thanks,
      Kevin Graham

  56. Hi, I filed for Chapter 13 bankruptcy in April 2010. I paid off my debts in September 2014 and Chapter 13 was discharged. I understand that I may be able to get a mortgage in September 2016 (2 years post discharge). My credit score is 705. My house which was included in my bankruptcy, which still hasn’t been foreclosed upon. My question is what is the correct seasoning period to get a mortgage again? 2 years after Chapter 13 discharge or do I have to wait another 3 years after my house is foreclosed upon even though my home debt was included in the bankruptcy? I read that Fannie Mae is honoring the first seasoning period.

    1. Hi Deborah:

      It depends on what type of loan you’re trying to get, but you may have some options. I’m going to have someone reach out to you with more information.

      Thanks,
      Kevin Graham

  57. We had a Chapter 11 four years ago and our case closed over 3 years ago, although we are on a long, long payment plan. We have been rebuilding our credit, and although our credit score is not high, at last check, 640, what are the chances we would be able to refinance our home with the cash out option. We have approximately $85,000 in equity in our home.

    1. Hi Deew:

      Every situation is different. I’m going to have a Home Loan Expert reach out to look into your financial profile and see if we have any options.

      Thanks,
      Kevin Graham

      1. Hi.
        We filed for BK in 2010. We have purchased 2 homes and our credit scores are in the mid 700’s now.
        We would like to remodel the kitchen on our current home. Based on our loan to equity value we can’t take any funds out on a refi.
        Do I understand correctly we do not qualify for a second because of our BK? Do y’all offer a second for folks like us?

        Thank you!

        1. Hi Judy:

          We don’t offer second mortgages to any of our clients. It probably wouldn’t do the trick in your case anyway because those lines of credit still rely on you having a certain amount of home equity. I’m going to pass your comment to a Home Loan Expert to see if we can offer any options or advice.

          Thanks,
          Kevin Graham

  58. Hi,
    We are 2 & 1/2 years out from our chapter 7 discharge. We have begun to rebuild our credit, we have a couple small credit cards and a car loan for a little more than a year. We are tired of renting and really want to buy if at all possible. We are also coming up on 5 years out from a short sale. Will we qualify for a home loan again anytime soon? Thanks you!

    1. Jen:

      Buying a home after bankruptcy can be complex and every situation is different. I’m going to have a Home Loan Expert reach out to you to look into your options and when you might qualify.

      Thanks,
      Kevin Graham

  59. Hello!! Have you ever loaned to anyone in a chapter 13? We are 2 and a half years in. 2 years left. I have a home that is paid for and was wanting to get a loan against it to pay my bankruptcy off.

    1. Sarah-

      We do loan to people that have been through chapter 13 bankruptcy before, but there are some very specific guidelines around timing. I’m going to have a Home Loan Expert reach out to you later this weekend about when you might be able to apply. Happy Thanksgiving!

      Thanks,
      Kevin Graham

  60. Hello
    My BK was discharged in may 2010 and I have good credit now (710)
    My wifes BK discharged in March 2012 she got a loan on the land we plan to build on last year for $38k and we paid it off over 12 months
    we want to build a new home and our income is good and scores are good
    Can we get a contruction loan? for around $450k
    We were told by our local bank that the BK must be discharged for at least 4 years first
    which would be April 2016

    1. Hello, Chad. Unfortunately, Quicken Loans® does not currently offer construction loans. Best of luck to you and your wife, though.

  61. Hi, my husband and I are divorced and my name is to be taken off the mortgage. The problem is he filed bankruptcy it will be 2 years in February, does he have to wait until then or can anything be done before that? The best part is he has been living in this home for 7 years now and they still have him in a construction loan at 6.85% please help.

    1. I’m sorry to hear about your situation, Carla. We’re going to need some more details about your situation, so I’m going to have a home loan expert reach out to you with an email. We’ll get to the bottom of this together!

  62. Hi there. We have just passed the 2 year discharge mark on a chapter 7. We reaffirmed with our previous mortgage. We are now looking to sell and build something different. Our debt to credit radio is around 30% which includes current mortgage, 2 cars and a student loan. Our credit scores hover just above 700 and we have excellent payment history on all debts since discharge. We have $0 credit card debt. We are hoping to carry over $8000-10000 for a down payment and also have the property we would like to build on as collateral. Our gross monthly is approx $6000. I’m a stay at home mom, but my husband has been with his current employer for 5 1/2 years. We are looking to finance approx $120,000. What are our chances?? Thanks!

    1. Good morning, Christa. First of all, congratulations on getting out of bankruptcy and rebuilding your credit. It’s encouraging to hear this kind of success story. Unfortunately, Quicken Loans® does not currently offer construction loans. We can provide the financing for the home once it’s built, and we can refinance your construction loan into a standard mortgage once your home is completed. Best of luck to you and your husband, and let us know if there’s any way that we can help.

  63. 6 months out of chapter 7. Credit at 603 and on the rise. No real estate in 7. Several credit cards now and all paying on time. Should be in high 600s by end of year. When is the right time to speak with someone to know exactly what I need to strive for and a time frame to expect to try and purchase a home. Never owned before and way too much garbage on the internet to pick thru for valid info on what I need to do. 6 years on current job. Roughly 40k salary. Just need advice and quicken is who I want to deal with when the time is right as I have read nothing but good reviews. Thanks!

    1. Good morning, Kevin! We’d be happy to look into your situation. I’m going to have a home loan expert send you an email to get some more details. They’ll point you in the right direction so you’ll know when it’s the right time to start the home-buying process. Thanks, and have a great week!

  64. Hello, I am completely new to the whole bankruptcy process, so far I have only gotten as far as talking with the attorney that will be assisting me, and writing out my debt. My question is, once I have completed the entire bankruptcy process when is the earliest or how long is the recommended or required waiting period before applying for a home loan…secondly what is the average interest rate on a home loan for someone who has just gone through the bankruptcy process?

    1. Hey, Kirstin. Typically, it takes two years before a person is eligible to get a mortgage. One of the biggest reasons for this is that you need to rebuild your credit over that time. As for an average interest rate, there are many variables that make up the rate. But when you’re ready to proceed, please let us know. We’ll be happy to help you start the journey! Good luck to you, Kirstin!

  65. I had a bankruptcy discharged June 2012, chapter 7 with property involved. the bank did not sell it until May of 2015 even though I surrendered all at the time. I’ve worked hard on repairing life, got a much better job in a new city, down payment available and I would like to get a home loan now, I’ve also gone thru credit counseling and I have a credit company cleaning up my credit score. please tell me there are options to get a home soon, my rent has just increased to out-of-this world rates.
    thank you

    1. Good morning, Lynn. I need some more details about your situation to give you an accurate answer, so I’m going to have a home loan expert reach out to you with an email. But yes, rent is rising like crazy in the U.S. We’ll do our best to get you on the home-buying path. Have a nice weekend!

  66. My chapter 13 will be discharged for a year on August 26,2015. I already have a financial mortgage company working with me, have all my paper work and I meet their criteria of obtaining a home through them I just can not sign the paper work and get my approval letter until August 27. I was wondering how long do you have to wait to get a loan through Quicken Loans®?

    1. Thanks for your question, Marcella. To better answer your question and to help you get started, I’m going to have a home loan expert reach out to you through email. Have a great weekend!

  67. I recently got divorced and remarried. My pre-divorce estate has gone unsettled for years in another state. There is an outstanding credit card debt that my name is on that was used for home improvements which was written off 2 years ago. My ex-wife is routinely behind on her mortgage for the house which I am on the mortgage. My current wife completed a bankruptcy 3 years ago that included a home that went back to the bank. I paid cash for my current residence and there is no mortgage. The last 2 years my current wife and I have been rebuilding our credit, both of us with scores between 600 and 625, no late payments etc, several types of credit, and a low household debt to income ratio. We would like to use the equity in our home to consolidate our minor debt and do some home improvements. Is this even possible?

    1. Hi Joe! Thanks for reaching out. I’ve passed your comment on to our home loan experts who will reach out to get more detail about your situation and see what your options are.

  68. I recently got divorced and remarried. My pre-divorce estate has gone unsettled for years in another state. There is an outstanding credit card debt that my name is on that was used for home improvements which was written off 2 years ago. My ex-wife is routinely behind on her mortgage for the house which I am on the mortgage. My current wife completed a bankruptcy 3 years ago. I paid cash for my current residence and there is no mortgage.For the last 2 years my current wife and I have been rebuilding our credit, both of us currently have scores between 600 and 625, no late payments, several types of credit, low household debt to income ratio. We would like to use the equity in our home to consolidate our minor debt and do some home improvements. Is this even possible?

  69. My husband and I would like to purchase a fixer home in Hawaii as our second primary residence. We went through a chapter 7 bankruptcy three and a half years ago. Financially, we are qualified. We tried for a 203k loan but were told that it needs to be four years after the discharge for this. Any advice would be appreciated. We need to borrow $50,000 and will have $10,000 as a down payment.

    1. Hi Kate! For an agency loan (one owned by Fannie Mae or Freddie Mac), you must be discharged four years or more. The only instances where you can be discharged less, is with an FHA loan or VA loan.

  70. I filed a chapter 7 bk over 5 years ago. My home was included in the BK but the mortgage was not reaffirmed. I have never missed a payment. The home does not show up on my credit report. We are in desperate need of a larger home and I was wondering can a mortgage be granted, if you have a mortgage that has not been reaffirmed? Mortgage company keeps telling me I am under not obligation to pay but I choose to. Can I walk away and get a mortgage for a new home?

    1. Hi Rod! Generally, walking away from the home, whether you have reaffirmed or not, will result in a foreclosure process. I’ve passed this on to our mortgage experts who can talk in more detail about your specific situation.

  71. My husband and I are wanting to get a home loan but I have a bankruptcy that discharged in December of 2013. I know it hasn’t been two years but I only filed it for medical bills, no bank, vehicle, or homes included. I have been at my job for over 4 years at a police department with retirement. I have two small installment loans, a student loan, and two small credit cards that are always paid on time and have at least a year or more of good payment history. We also have 10,000 to put as down payment. My husband can’t get the loan by himself because he has a vehicle note and an existing mortgage which are both always paid but make his debt to income too high alone. If I have go wait two years total it’ll be December 2015 before we can buy and I really wish there was something else we could do to be able to buy now. Any suggestions are greatly appreciated. Thank you!

  72. We are approaching 3 years since our chapter 13 bankruptcy was discharged. We had a restaurant that we closed due to the declining local economy. We’ve paid all our debts owed to suppliers, state, and federal govt. directed by the court. That took us five years to complete. Since then, we’ve been debt free for almost three years. The business we closed was in my wife’s name, and she took a major hit to her credit score. It dropped from a 760 to 600. She got a secured credit card and is slowly building her credit score.
    My question to you would be; do we just continue to sit back and wait until our credit score rebounds to an acceptable level before trying to get a mortgage, or is there other things that we can do to show that we’re credit worthy? We have not been late with any monthly payments for almost eight years, which includes home rental, electric, phone, cable, etc.. One mistake we probably made was saving up and paying cash for our last three vehicles we purchased. I feel bad or emphatize for my wife, who is the major wage earner in our household at this time. She makes a decent wage, hard worker, with a good work history, but is not considered credit worthy.
    One last thing, are there some properties that are more likely to get a mortgage approval than others (ie. price, location, condition)?
    Any ideas or suggestions to help us move forward in purchasing a house or property would be greatly appreciated.
    Best regards,
    Dale & Shannon Purdy

  73. How long do you wait to qualify for a mortgage after chapter 7 bankruptcy is discharged with no previous mortgage? Credit cards, car loans and medical were filed with bankruptcy.

    1. Hi Marie! I’ve passed your comment on to our team of mortgage experts who will contact you about your specific situation.

  74. My name was on the deed/title but not the mortgage of a home that is in foreclosure. I filed bankruptcy in 2010 with the house included. Bk 7 discharged in 2010. I’ve had great credit since – no late payment on any bills. I was already pre approved by Quicken – will this affect me in underwriting? House is not on my credit report.

  75. I declared bankruptcy Jan/2007. It was originally dismissed due to miscommunication with my lawyer. I had to reopen it last year and it was Discharged Dec/2013. Besides the bankrupcy I have awesome credit. Is there any way of me getting a mortgage. OR as an alternative can my wife apply for a mortgage using my income without me on it.

  76. Our Chapter 7 bankruptcy over 5 years ago in 2/2009. Our home was foreclosed on by the bank until 1/2012. It was not sold to a new owner until 4/2012. We have re-established our credit to a 690-715 score. Have we met the requirements for waiting the 2 or 3 years to apply for a new mortgage? I thought the waiting period did not begin until after the bank then transfers the home to a new buyer but I may be mistaken. If we are once again eligible we are ready to purchase. We could be eligible for an FHA loan due to our location and VA loans. Any input about the timeline would be greatly appreciated.

  77. even after trying to go with quicken a second time and stating that I wanted to go VA no money down…quicken insisted I would have to put 10% down. I ended up being approved by Michigan Mutual @ 4.25% 1/4% lower than Quickens rate with no money down! taking into consideration that I was working with someone in the presidents office, I have never seen a more shameless company in my life. I will never and could never suggest anyone to go with quicken….the only thing that was engineered to amaze was the lack of respect your employees have for clients!

    1. Hi Jeffrey, I’m sorry to hear about your experience, I have forwarded your comments to the appropriate team and they will contact you to find out more. Thank you for your feedback.

  78. I owned an LLC business and during the 2008-2009 economic depression. I had to downsize and break two substantial lease agreements and discontinued paying 2 corporate business credit cards totaling 17K. The 2 landlords pursued legal action against both the company and myself in excess of 4 million dollars. Even though I did not have personal guarantees they we’re able to pursue me personally. Neither party was willing the negotiate a fair settlement, consequently I decided to file chapter 7. They sued within the bankruptcy. In both cases the plaintiffs decided to negotiate days before going to trail. I settled one case for $4000 and the other $8000. The bottom line is my personal credit was in the mid 700’s for 35 years. I’ve always paid my personal bills, credit cards car loans and mortgage on time. My wife is a professional who makes a substantial salary, I was able to savage tools of the trade and rebuild the company with the support of a partner. I am now an employee of the company with an employment agreement that entitles me to 50% of the profitability of the company and am compensated in excess of 6 figures. Also, I was able to pay off our 3 kids college loans prior to bankruptcy. My wife did not file bankruptcy and all our assets were in her name. I was able to get a credit card with $3,000 credit line and have a substantial amount of money in the bank. We are now in the process of buying a new home and I am being told that my wife should get the mortgage in her name only due to my recent business bankruptcy.

    MY QUESTION: Is my situation one in which a lender would consider unique? And if not and we bought the house under my wife’s name (and even though I can be put my name on the deed) what would happen is she had the mortgage and something terrible was to happen. Would the bank call the loan in. We are pretty flush with capital and absolutely no debt….I’ve been living life on a cash basis and while my ego is tarnished I am concerned about longer term implications more so than today. Any thought?

    1. Hey Bob,

      Because you do have a unique situation, I’ve forwarded your questions and concerns to our Home Loan Experts to give you the best answer we can.

      Thanks for reading!

  79. trying to go va will be 2 years post chapter 7 on jan 23rd 2014 was already denied by quicken because I am not 2 years post bk. it was never said to me to reapply when I am 2 years post bk although I will be eligible at that time. I had according to quicken 674 x2 and a 698 Isaac. I would truly like to go through quicken to purchase my home but have no idea if a reapp would even be worth it!

    1. Hi Jeff! First off, thank you very much for your service to this country. We’ve forwarded your comment to our VA Home Loan Experts who should be in touch with you soon.

      Thanks for reading!

  80. Question,

    Me and my husband filled chpt 7 bk a little over a year ago, discharged July 2012
    We bought a van (bank loan) perfect payment history, July 2012 both me and my husband have credit cards with over 6 month on time payment history, all our bills we pay on time.
    We’re really wanting to purchase a home
    My husband was with his employer 12 years before he was offered this new amazing job with a new company. Witch he started end of June 2013.
    Is it a strict 2 year after bk policy? Or could we atleast get pre approved now? What we want to do is buy a home in our neighborhood, in fact the home we have our eyes on will be listed in a year the family plans to re locate in about 2 years but putting home on market in year. We would love to talk with them and see about purchasing this home in a year however we would like to find out what our pre approval may be? Hope this makes sense.
    Thanks

  81. July 5,2013
    went through bankruptcy with no real estate involved 11 months ago. Now own a home that
    before deterioration listed at $80,000. I would like get a loan for 20,000 for repairs while I am living in it.

    My credit is not good–the places where I’ve applied say it is zero due to backruptcy. I continue
    to be employed full time where I’ve worked over 7 years. Some of my financial problems have
    been due to my Wife’s health.

    jw

    1. Hi Jim, Thanks for telling us a bit about your situation. I have shared your inquiry with one of our home loan experts who will contact you to learn more and answer any questions you may have.

  82. I agree with Danielle. It is a hidden ‘3-year’ rule even if you retained your home and have sparkling credit now. Very disappointing to be mislead like this. The US Trustee doesn’t give you a choice of keeping your home out of bankruptcy or any other debt either. You can ‘reaffirm’ on it after but that still doesn’t keep it out of BK case. So I guess I want to know now if I go back and reaffirm on my mortgage if Quicken would consider me prior to 3 years post discharge. I already talked to a rep but this info was not offered.

    1. Hi Laurel, thanks for contacting us, one of our home loan experts will reach out to you with a few more questions to see if we can assist you. Thanks.

  83. I have read your comments on bankruptcy and have found the information very useful. My question is how long do I have to be with my new employer before I can apply for a loan?

    1. Hi, Jack. I’ve passed your comment on to our Client Reltions team. Someone will be getting in touch with you shortly to help sort this out.
      Thanks for letting us know.
      Have a great weekend!

  84. My circumstance is very unusual – some will say lucky. Forced into C 11 to protect equity in my home. C 11 dismissed June 2011. All creditors paid in full including interest and collection fees. Balance of cash assets exceed $1.0M. Debt – zero. Credit score June 2011 560. Credit score today 700.
    Still can’t get a mortgage! Any hope?

    1. Hi Peter, thanks for reaching out to Quicken Loans®. We will have one of our home loan experts contact you shortly to learn more about your specific situation. Please let us know if we can be of any other assistance.

  85. You should add that if any real estate was involved, even if you kept it, that it is 3 years after a bankruptcy for quicken loans.

    1. HI Danielle,

      Actually, we have to wait at least 2 years after the bankruptcy is discharged (in most scenarios). If the home was included in the bankruptcy, we cannot consider financing until three years after discharge. Each scenario is different, so it is possible that there was something unique about your situation that required us to wait three years. However, if you’d like us to check again, please let me know. Thanks!

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