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Chapter 7
For a client who filed chapter 7, how long will he be able to buy a house again?

For a person who filed a Chapter 7 bankruptcy, the mandatory waiting period is 2 years from the discharge date of the bankruptcy for FHA loans. The waiting period is 4 years after the discharge date for a conventional loan. There are new Fannie Mae guidelines that is good news for people who had a foreclosure as part of their bankruptcy. If you had a foreclosure as part of your bankruptcy, the waiting period is 4 years from the discharge date of the bankruptcy even though the foreclosure has not transferred out of your name.

Here is an article on Is Bankruptcy for Me?



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