Can You Get a Mortgage after a Chapter 7 Bankruptcy Discharge? Yes – But You’ll Have to Wait

There was a time when it was possible to acquire a mortgage shortly after filing for Chapter 7 bankruptcy, but with the shifts in the financial sector, the timeline on such a mortgage approval has changed in recent years. If you’re currently undergoing a Chapter 7 bankruptcy and are wondering how this will impact home ownership, here are the basics on this type of bankruptcy and what it may mean for you.

What Is Chapter 7?

While a Chapter 13 bankruptcy is the kind of financial situation that requires debt repayment, Chapter 7 is different in that it involves the liquidation of an individual’s personal assets to pay back the debt that is owed. A trustee will be designated to take care of the bankruptcy process, but a Chapter 7 bankruptcy will remain on your credit report for 10 years and have a negative impact on your credit score, which can mean increased interest rates on a mortgage down the road.

Re-Building Your Credit Score

The most important step to obtaining a mortgage following a Chapter 7 bankruptcy is keeping on top of your credit. Because your credit score will be lowered and bankruptcy will remain on your report for a long time, paying all of your bills on time in full and ensuring every aspect of your financial health is in check is of primary importance. Since most lenders will not even consider your application if you’re delinquent with payments, impeccable form is necessary in this case.

The Timeline On A Mortgage

According to the Federal Housing Administration (FHA), anyone applying for a mortgage must wait a minimum of two years after the discharge date of their Chapter 7 bankruptcy, which is the date they are cleared of obligation to their debt. While this is good news for those who want to apply for a mortgage in the near future, it’s important that a good credit history is developed and all FHA requirements are met to ensure approval.

Filing for Chapter 7 bankruptcy can be a hard financial pill to swallow, but by keeping your credit history in check for the duration of the 2-year period, you can be well on your way to a mortgage approval. If you’re planning on being in the market for a home in the near future, contact me to get on the track to home ownership – J.P. Cook – 602-320-4253.

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21151 E Mewes Road Queen Creek, AZ 85142

$1,575,000

5 Beds

5 Baths

4,559 SqFt

Status Active

MLS # 6755707

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning property features a main residence (3,525) with 4 bedrooms, 4 bathrooms, great room, a versatile bonus room, a cozy den/office, and a 4-car garage. Enjoy the outdoor oasis with a sparkling pool, garden areas, and views of the San Tan Mountains. Guests will love the 1,034 sqft casita, complete with a modern kitchen, great room, and bedroom w/ walk-in closet w/ stackable washer and dryer and 2 bathrooms. This private retreat is perfect for hosting visitors with their own space. Bring your horses to this charming neighborhood with ample space to add a sports court or other additions. It's the perfect blend of country charm and modern convenience. Close to Queen Creek shopping/dining. Freshly painted, come see!

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3011 Avienda Del Sol -- Lake Havasu City, AZ 86406

$1,575,000

4 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6747825

Property Type Single Family Residence

Price Type --

Experience luxury living in Lake Havasu City with this exquisite home offering stunning lake and mountain views. The residence boasts vaulted ceilings, enhancing its open and airy ambiance. Enjoy a tranquil backyard oasis featuring a sparkling pool and fire pit—perfect for relaxation and entertaining. A charming casita with a kitchenette adds convenience and flexibility for guests. The property also includes a 65-foot deep RV garage with a 14-foot door, ideal for storing large vehicles. Embrace the ultimate in lakeside living with this exceptional home.

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7638 E Shooting Star Way Scottsdale, AZ 85266

$1,575,000

4 Beds

2.5 Baths

3,284 SqFt

Status Active

MLS # 6771131

Property Type Single Family Residence

Price Type --

Experience luxurious living in this stunningly remodeled home located in the guard-gated Winfield community, nestled between Whisper Rock and The Boulders. This elegant residence features an open-concept design with designer finishes, soaring ceilings, and large windows that fill the space with natural light. The gourmet kitchen, equipped with a spacious island and prep kitchen, is ideal for entertaining. The primary suite serves as a tranquil retreat, complete with a spa-like bath and generous walk-in closet. This home exemplifies sophisticated design. Enjoy easy access to golf, dining, and shopping in one of North Scottsdale's premier communities. Welcome to your serene sanctuary!

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10609 N Mountain Vista Court Fountain Hills, AZ 85268

$1,574,000

4 Beds

3.5 Baths

4,046 SqFt

Status Active

MLS # 6783968

Property Type Single Family Residence

Price Type --

Brand New Construction on probably the best zero premium view lot in Fountain Hills! This stunning home offers the ease of single-level living with the added luxury of a walk-out basement. The main floor features a giant great room with expansive picture windows that capture the stunning views, alongside a gourmet kitchen that opens to a spacious covered terrace overlooking Red Rock, Four Peaks, and the surrounding landscape. Conveniently located near the Scottsdale border, this home provides easy access to everything the area has to offer. The main level also includes the primary bedroom, a dedicated office, and an inviting living area, while the walk-out basement surprises with a generous media room and two additional bedrooms. Come see this beautiful community today!

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3534 N Boulder Canyon Street Mesa, AZ 85207

$1,565,000

4 Beds

4.5 Baths

4,079 SqFt

Status Active

MLS # 6775487

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Come see this professionally designed luxurious 4 bed, 4.5 bath, + an office, + a media room in Las Sendas. Over 200k in upgrades! Manicured landscape, large 3 garage spaces w/built-in cabinets, paver driveway, and Tesla charger. Marble foyer which flows into an oversized media room with metal/glass doors and formal dining room with custom wallpaper perfect for entertaining. 12ft ceilings, elegant wood flooring, new high-end light fixtures, and designer palette. Family room with custom built-ins and gas fireplace. Quartz countertop, all top of the line appliances in this gourmet kitchen, wood staggered cabinets w/crown moulding, a large walk-in pantry & bar. All bedrooms have their own private bathroom with oversized closets. Primary bathroom has huge his/her walk-in closets with an oversized shower and soaking tub featuring a fireplace with the ultimate relaxation. Pool and spa both are heated with a large grass area. You will be absolutely stunned.

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22034 N 59th Place Phoenix, AZ 85054

$1,564,999

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6752073

Property Type Single Family Residence

Price Type --

Off Market for Holidays! Shea Home's best selling Model 5016 on one of the largest Premium Lots in TALINN. NO HOMES TO THE REAR. Lightly lived in by the orig owners, just long enough to complete the yard, pool and design decor. Ideally configured: Second master downstairs adjacent the optional 5th bedroom. The open great room boasts generous windows to match the 26' high ceiling vaults, with unobstructed views: Rather than neighbor's rooftops, your view of mountain peaks and sunsets are visible from the great room, yard & pool, loft and 1 master bedroom. The open gourmet kitchen features a premium gas range and 4 ovens. A stunning accent wall features Artisan-crafted wood plank slat panels extending from the floor to the 26-foot high ceiling. Each hand-cut panel is arranged in a striking horizontal and vertical pattern. Additional features of the NO-STEP main level include stunning wood-look tile floors, a pre-wired surround sound speaker system, and ceiling fans in every bedroom. Barn doors enhance the office off the Foyer, while texturized wall decor adds a unique touch. The gourmet kitchen is equipped with four ovens, including air-fry and convection, and a well-appointed coffee bar that complements the expansive cabinetry. An organized walk-in pantry easily houses groceries from the adjacent 3-car garage. The large laundry room includes your new washer and dryer, and offers ample shelving and cabinets for multifunctional use, or craft room. Off Season storage closet for long hanging garment and full storage under stairwell (or great fort for the kids). The home also includes a full-home water purification system. With over $300,000 in customizations, this residence is ready for you to move in TODAY! Don't miss the amazing detailscheck out the video. 3D tour available on homes. Conveniently located within 3 miles of Desert Ridge shopping and dining, with quick access to the 101. Walking distance to High Street. Emblem gates are across from the new Talinn community center.

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5310 E Nordica Loop Flagstaff, AZ 86004

$1,560,000

5 Beds

4 Baths

3,902 SqFt

Status Active

MLS # 6710483

Property Type Single Family Residence

Price Type --

Welcome to your dream home in prestigious Lakeside Acres! This expansive one-story residence sprawls on a generous 1.1 acre lot, offering both luxury and comfort. Abundant, large windows beneath the soaring vaulted ceiling allow ample natural light as well as fabulous mountain & forest views. The chef's kitchen boasts a large island with sink, double ovens, warming drawer, large JennAir range, stainless appliances & granite. Among many other remarkable amenities, the impressive primary suite offers an additional retreat room and the split floorplan offers privacy & functionality. The whole home humidifier, central air conditioning, heat and two beautiful fireplaces ensure this home is not only stunning but luxuriously comfortable. The spacious, private outdoor living area offers a large semi-covered patio for entertaining or relaxation. With 5 bedrooms, 4 bathrooms, a 3 car garage and so much more, you will not want to miss this incredible home in the pines of Lakeside Acres in the Continental Country Club!

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6623 E Whispering Mesquite Trail Scottsdale, AZ 85266

$1,560,000

3 Beds

3 Baths

2,867 SqFt

Status Active

MLS # 6767655

Property Type Single Family Residence

Price Type --

Gorgeous Updated & Impeccably maintained 3 bedroom home PLUS detached Casita w/ Ensuite in Terravita! Too many upgrades to list all include new European Oak flooring w/ 6'' baseboards. Remodeled kitchen & Bar includes gorgeous Quartzite countertops with full backsplash, new cabinetry w/ built-in wood panel Bosch & Thermador appliances and wine refrigerator, new brushed gold hardware. Brand new Home automation includes upgraded Wi-Fi, automated lighting w/ scene lighting capability, television and music surround system, pool & spa features, 2 Nest Thermostats, Video Doorbell, Wi-Fi enabled garage doors.etc. - all controlled via keypad or i-phone. See full list of upgrades! Spacious 3 car garage has all new custom cabinetry. Back yard includes pool & heated spa, new covered outdoor More... built-in grilling station with Napoleon gas grill. New Carrier A/C & furnaces installed '21. Upgraded landscaping.Terravita is a member-owned, private golf and country club, offering year-round active lifestyle options. Many diverse activities and groups that meet regularly to explore new trails, enjoy fitness classes, create art, relax by the pool, play tennis, dine together in a state of the art clubhouse, accolades received for its recent renovations.

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3022 S Clubhouse Circle Unit 57 Flagstaff, AZ 86005

$1,558,000

3 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6735684

Property Type Single Family Residence

Price Type --

Home is currently under construction. This unit has been enhanced with a large spacious patio. Situated within the high-country forest and including a covered wrap around patio with built-in BBQ, this spacious condo offers a unique mountain escape during any season. Featuring an open concept design, the great room and gourmet kitchen provide an easy flow making it the perfect layout for gathering with family and friends. Incentives are currently being offered. Please call the Pine Canyon Sales Office for more information.

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1910 W Roderick Lane Wickenburg, AZ 85390

$1,555,000

3 Beds

2.5 Baths

1,800 SqFt

Status Active

MLS # 6765165

Property Type Single Family Residence

Price Type --

She's a beauty! Premium Horse Property in the heart of Wickenburg, on paved road. NEW Custom Horse Facilities. Roping Arena with covered steer pen, 55ft Round Pen with custom sprinklers, pristine 12 stall barn with expansive custom tack and covered hay storage. Auto waterers and stall turn-outs. TWO RV hook ups each with 30, 50 and 110 plug-ins. Home is a 3-bedroom 2.5-bath. Stunning second story views from the dinning and kitchen complimented by evenings on the porch overlooking the arena and equine facilities. Two car garage and an abundance of storage. Bonus room, workshop and full bath in the lower level with walk-out secluded covered patio. Updated kitchen with porcelain counter tops, custom cabinetry and spacious pantry. Leased Solar equates to very minimal electricity bills. Owner is a licensed Arizona Real Estate Agent.

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2908 E Chuparosa Circle Payson, AZ 85541

$1,550,000

5 Beds

5 Baths

4,848 SqFt

Status Active

MLS # 6783731

Property Type Single Family Residence

Price Type --

Welcome to your dream home in one of the most coveted gated golf communities! This exquisite 5-bedroom, 5-bathroom home offers just over 4800 square feet of luxurious living space, designed for those who appreciate elegance, comfort, and breathtaking views. Set amidst a backdrop of mountain views and an abundance of tall ponderosa pines this home is a true sanctuary, combining luxury with world-class amenities. Step inside to soaring ceilings, expansive windows, and an open-concept floor plan that seamlessly blends formal and informal living spaces. The gourmet kitchen features high-end appliances, custom alder cabinetry, and an oversized island perfect for entertaining. It offers a formal dining area and a casual dining nook, both with deck access and ideal for family gatherings or dinner parties. The main floor living room offers a cozy fireplace with deck access. Downstairs is an expansive area with 3 bedrooms (all with deck access), 2 baths, the main laundry room and a second living area with access to a large covered patio. Three of the five generously sized bedrooms come with their own ensuite baths, offering ultimate comfort and privacy. The primary suite is the entire upstairs floor offering a large retreat complete with a sitting area, private balcony with sweeping views, a spa-like bath with soaking tub, dual sinks and a large walk-in closet with its own washer and dryer. The adjacent loft is perfect for a home office. This property is within walking distance to the community recreational complex which offers two pools, playground, sports courts, dog park, gym and much more. Whether you're hosting friends or simply relaxing yourself, this home and community amenities offer it all. This is more than just a home; it's a lifestyle. Come experience the ultimate in luxury living within this prestigious gated golf community. Your dream home awaits!

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13630 W Peoria Avenue Surprise, AZ 85379

$1,550,000

4 Beds

5.5 Baths

7,249 SqFt

Status Active

MLS # 6746555

Property Type Single Family Residence

Price Type --

Presenting the legendary 7,200 square foot mansion on Peoria Ave that has graced the city of Surprise since the mid 1990's. The grand foyer greets you with an impressive spiral staircase with formal living and dining areas to each side. The heart of the home is the spacious great room with a cozy fireplace and gourmet kitchen. The spacious owner's suite includes dual walk-in closets, a private living room, jetted soaking tub, walk-in shower, dual sinks and a secret storage room. This impressive home also includes a massive entertainment room, two en-suite guest bedrooms, an apartment with private entrance, a separate guest home with a full kitchen, a den, laundry both upstairs and downstairs and oversized 6 car garage.

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