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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13588 W Boca Raton Road Surprise, AZ 85379

$545,000

5 Beds

3 Baths

3,042 SqFt

Status Active

MLS # 6777249

Property Type Single Family Residence

Price Type --

Spacious 5 bed, 3 full bath home on premium lot! large 3 car garage with epoxy flooring and cabinets with work bench. New quartz counter tops and backsplash. Backyard has nice grass area, huge covered patio, and gated play pool. Outdoor kitchen has grill and sink. Guest bedroom downstairs. Master and 3 other beds upstairs with loft area. Low HOA neighborhood close to schools and walking distance to shopping.

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3532 W Warren Lane Anthem, AZ 85086

$545,000

4 Beds

2.5 Baths

2,140 SqFt

Status Active

MLS # 6775960

Property Type Single Family Residence

Price Type --

Beautiful private home in the sought after Del Webb community. New in 2022: A/C, first level luxury vinyl flooring, new carpet on second level, fresh paint throughout, fireplace in family room, granite counters, white cabinets. Oasis backyard has a pebble tech pool with beach entry, desert front & plus synthetic grass rear. Very private yard siding only single story homes and backing one of the largest lots in Anthem. Enjoy all the resort features of this major master planned subdivision. Easy I-17 access.

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19550 N Grayhawk Drive Unit 2055 Scottsdale, AZ 85255

$545,000

2 Beds

2 Baths

1,311 SqFt

Status Active

MLS # 6780489

Property Type Apartment

Price Type --

Situated within the guard gated Talon Retreat in Grayhawk, this recently updated 2-bedroom, 2-bathroom end unit condo offers an open great room floor plan with McDowell Mountain views from every window. The kitchen has stainless steel GE appliances, granite countertops, subway tile backsplash and wood flooring. The primary and guest bathrooms have also been thoughtfully upgraded, adding to the modern charm of this home. Step out onto one of two balconies and take in the morning sun and beautiful mountain views. An attached garage has direct access inside the unit offering convenience and comfort. Upgrades in the last 5 years include interior paint and countertops throughout, new kitchen appliances, new washer and dryer, new window coverings, new fireplace surround, new wood look tile floors in kitchen, laundry room and bathrooms, new carpet, new baseboards throughout, new plumbing fixtures and lighting fixtures, new water heater, Nest thermostat and NAC water conditioning system. Just steps away from this unit is Cachet's community pool, spa and clubhouse, which includes a fitness room. Enjoy access to Grayhawk's additional amenities including tennis courts, walking paths, Grayhawk Park, and two world class golf courses. The Grayhawk community is located in the heart of North Scottsdale within minutes of the 101 Freeway and endless shopping and dining destinations.

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2510 E Fountain Street Mesa, AZ 85213

New

$545,000

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6783211

Property Type Single Family Residence

Price Type --

Beautifully remodeled home w/ no HOA & the added bonus of energy-efficient solar panels, offering both comfort and cost savings. Nestled in a quiet neighborhood on a large lot, it boasts a detached shop w/AC, an extended covered patio, new watering system, & freshly seeded for winter grass. Inside, you'll find an inviting open floor plan adorned with a tastefully renovated interior. The kitchen & bathrooms feature quartz countertops, Bedrosian tile & flooring, custom cabinets & vanities, & designer hardware & fixtures. Enjoy the charming white washed brick fireplace & additional room for a huge pantry, homework room or extra storage space. With easy freeway access & proximity to shopping, dining, & entertainment, this home exudes a lifestyle of convenience & relaxation

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