A reader asks about the timing of getting a home loan after going bankrupt.

Question: How soon can I get a home loan after bankruptcy?
-Lee in Nevada,

Answer from Ashley Davison of CreditSaint.com…

There is no set-in-stone timeframe. Let’s look at a few things.  How long has it been since your bankruptcy? What Chapter did you file? The reason this is important is that bankruptcy doesn’t mean you will absolutely be denied for a home loan, but it will help determine what avenue will get you closer to a “Yes!”  Unlike a mortgage, there are no defined underwriting rules to be followed.

A good place to start is your hometown Credit Union. Almost all banks will evaluate your situation on a case-by-case basis, so don’t get discouraged after only talking to one. It might serve well to do some research on the companies you are considering.  As of 2018, J.P. Morgan Chase stated that customers are not eligible for a Chase home loan for at least 84 months after the bankruptcy has been discharged, whereas other sources say the average is 36 months.

Step one is to make sure you have started to establish other lines of credit. Revolving Secured credit cards are a good place to start. Keep your balances low and accumulate as much positive history as possible leading up to the application of the HELOC. Review your credit report for any inaccuracies or incomplete information, and dispute the erroneous information. Make sure your credit is in the best possible condition before you apply to ensure the greatest chance at success. Read How to Buy a Home after Bankruptcy for a step by step guide to help you achieve your goal.

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About the Author

Ashley Davison

Ashley Davison

Ashley is currently Chief Operating Officer for Credit Saint. She previously worked as a Logistics Coordinator at Ernst & Young for their Financial Planning Line. Ashley is currently working toward an Executive Leadership Certificate from Cornell University. With a degree in education, she is eager to teach the world everything she knows and to learn everything that she does not already know! Ashley is a FICO Certified Professional, a Board Certified Credit Consultant & Certified Credit Score Consultant with the Credit Consultants Association of America, and holds a Fair Credit Reporting Act Compliance Certificate.


Ashley Davison

COO of Credit Saint

Published by Debt.com, LLC