How long after bankruptcy can i buy a house?

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If you have filed for bankruptcy, you may be wondering how long it will take before you can buy a house. Bankruptcy can have a significant impact on your credit score and financial standing, but it doesn’t mean you’ll never be able to purchase a home again. In this article, we will explore the timeline and factors to consider when determining how long after bankruptcy you can buy a house.

Rebuilding Your Credit

Rebuilding your credit is a crucial step after bankruptcy. The first thing you should do is review your credit report to ensure its accuracy. You can obtain a free copy of your credit report from each of the three major credit bureaus once a year. Look for any errors or discrepancies and dispute them if necessary.

To rebuild your credit, focus on paying your bills on time and in full. Consider obtaining a secured credit card or a credit-builder loan to establish a positive payment history. Keep your credit utilization low and avoid taking on too much debt. Over time, as you demonstrate responsible financial behavior, your credit score will gradually improve.

Type of Bankruptcy

The type of bankruptcy you filed will also impact how long you have to wait before buying a house. There are two common types of bankruptcy for individuals: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is a liquidation bankruptcy that typically stays on your credit report for ten years. However, you may be able to qualify for an FHA loan as early as two years after a Chapter 7 discharge if you meet certain requirements. These requirements include having a stable income, a good payment history since the bankruptcy, and completing a housing counseling program.

Chapter 13 bankruptcy is a reorganization bankruptcy that typically stays on your credit report for seven years. With a Chapter 13 bankruptcy, you may be eligible for an FHA loan one year after making all payments as agreed in your repayment plan. You will also need to obtain permission from the bankruptcy court to take on new debt.

Down Payment and Interest Rates

Even if you meet the waiting period requirements, it’s important to consider the financial aspects of buying a house after bankruptcy. Lenders may require a larger down payment to compensate for the bankruptcy on your credit history. While the standard down payment is typically 20% of the home’s purchase price, you may need to save more to increase your chances of approval.

Interest rates may also be higher for individuals with a bankruptcy on their record. This is because lenders consider them to be higher-risk borrowers. However, as your credit score improves and more time passes since the bankruptcy, you may be able to refinance your mortgage at a lower interest rate.


While bankruptcy can make buying a house more challenging, it is not impossible. By rebuilding your credit, understanding the waiting periods associated with different types of bankruptcy, and being prepared for potential financial requirements, you can increase your chances of purchasing a home after bankruptcy. Remember to consult with a financial advisor or mortgage professional to guide you through the process and ensure you make informed decisions.


– Experian:
– Equifax:
– TransUnion:
– U.S. Department of Housing and Urban Development: