I had to file bankruptcy after my husband died.

Niesha, I am sorry about your husband. And the answer to your question is probably sooner than you think, so let me get to it. Others have given you the waiting-period table, and it is correct, so I will not repeat it. Instead here are three things about your specific situation that nobody has raised, and the first one could matter enormously. First, and please check this before anything else: if your husband was a veteran, you may be eligible for a VA loan in your own right as a surviving spouse. This is the single most overlooked benefit I encounter. A surviving spouse who has not remarried can qualify for their own Certificate of Eligibility where the veteran died in service or died from a service-connected disability. Eligibility can also exist where the veteran was rated totally disabled for at least 10 years immediately before death, or for at least 5 years from discharge to death. If any of that describes your husband, it is worth a phone call today. Why it matters so much in your case: a VA loan needs no down payment and no monthly mortgage insurance, its waiting period after a Chapter 7 discharge is 2 years rather than the 4 years conventional generally wants, and surviving spouses are exempt from the VA funding fee entirely. That combination is worth many thousands of dollars, and for someone rebuilding it can be the difference between buying and not buying. The forms to ask about are VA Form 26-1817 if you receive Dependency and Indemnity Compensation, or VA Form 21P-534EZ if you do not, and you will generally need the marriage certificate, his DD-214 and the death certificate. Second, if you filed Chapter 13 rather than Chapter 7, you may not have to wait for discharge at all. This surprises almost everyone. FHA, VA and USDA can allow approval after 12 months of on-time payments to your trustee, while you are still in the plan. It is not automatic. You need the trustee's written approval and, in most jurisdictions, the bankruptcy court's permission through a motion to incur new debt. But if you are a year or more into a plan and current, you may be eligible right now rather than years from now. Ask your bankruptcy attorney and a lender who has actually done one of these, because plenty of loan officers will tell you it cannot be done simply because they have never done it. Third, two details that trip people up: The clock runs from your discharge date, not your filing date. People count from the wrong day and think they are further along, or further behind, than they are. Pull your discharge paperwork and find that exact date. Discharge and dismissal are not the same thing. A discharged case completes. A dismissed case does not, and lenders treat it very differently. Make sure you know which one you have. What I would actually do this month, in order: Find your discharge date, and confirm discharge versus dismissal. If your husband served, call the VA or a VA-experienced lender about a Certificate of Eligibility. Do this first, because it changes every other number. Talk to a lender now, even if you think you are too early. Not to apply, but to get a written plan: what your file needs to look like on the date you become eligible. The people who get approved the day they hit the waiting period are the ones who started twelve months earlier. Rebuild credit deliberately in the meantime. Lenders want to see re-established credit after a bankruptcy, which usually means a couple of accounts paid perfectly on time and no new derogatories. A secured card and a small installment loan, both never late, do more than you would expect. If your file is thin or unusual, ask specifically about manual underwriting. Automated systems reject situations that a human underwriter will approve when the story is documented, and a bankruptcy after a death is exactly the kind of story that reads very differently to a person than to a computer. One last thing worth saying. If the bankruptcy was driven by medical bills or the loss of his income, document that. Lenders have a category for circumstances that were beyond your control and are unlikely to recur, and a well-documented file can shorten what would otherwise be a longer wait. Get the paperwork together now rather than trying to reconstruct it later. I am a real estate professional, not a lender, a bankruptcy attorney, or a VA benefits counselor, so please confirm all of this with a lender and with your attorney before relying on it. My name is Zoltan Peresztegi and I work in Los Angeles, the South Bay and on the Palos Verdes Peninsula, so I am not the agent for a St. Louis purchase. If you would like, I am glad to help you find a good local agent and a lender there who knows bankruptcy files. Start with the VA question. Zoltan

Niesha, the amount of time you need to wait to qualify for a mortgage after bankruptcy depends on the type of bankruptcy you filed and the loan program you choose. In general, borrowers who filed Chapter 7 bankruptcy may qualify for an FHA/VA loan after about two years from the discharge date, while conventional loans typically require a minimum four-year waiting period. For Chapter 13 bankruptcy, some loan programs may allow you to qualify after you've made at least 12 months of on-time plan payments, while conventional loans often require about two years after completing the repayment plan. In addition to meeting the waiting period, lenders will evaluate your overall financial profile, which is just as crucial. Good luck with your situation. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Niesha, I'm sorry about your husband. Bankruptcy after a loss like that isn't a character flaw, and lenders see it more often than you'd think. The honest answer is that it depends on the chapter and the loan. After a Chapter 7 discharge, FHA financing generally opens up around two years out, while conventional usually wants closer to four. Chapter 13 can be quicker, since some lenders will consider you after a stretch of on-time plan payments with the court's blessing. What you've built since matters just as much. Pull your credit report and make sure every account included in the bankruptcy shows as discharged, because leftover errors there quietly cost people approvals. I'd talk to a loan officer now instead of waiting for a date on the calendar. They can work from your actual discharge date. I'm licensed in California, so have someone licensed near 63136 confirm the local details. Alla Novytska, Realtor®, JohnHart Real Estate, DRE #02254775

.

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.