Answers by Darren D Delgado

I'm very sorry for your loss. The good news is that a bankruptcy doesn't necessarily mean you'll have to wait many years to buy a home again. The waiting period depends on the type of bankruptcy you filed and the type of mortgage you're applying for. As a general guideline: FHA loan: Typically 2 years after a Chapter 7 bankruptcy (assuming the bankruptcy has been discharged) or 1 year into a Chapter 13 repayment plan with court approval and a good payment history. Conventional loan (Fannie Mae/Freddie Mac): Usually 4 years after a Chapter 7 discharge or 2 years after a Chapter 13 discharge (some exceptions may apply for documented extenuating circumstances). VA and USDA loans: Often 2 years after a Chapter 7 discharge, if you otherwise qualify. Every situation is different, so the best first step is to speak with a trusted mortgage lender. They can review your bankruptcy date, your current credit, income, and savings, and let you know exactly where you stand. Sometimes people qualify sooner than they expect. I am in Florida.

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