Mortgage education
How Long After Bankruptcy or Foreclosure Can You Buy a Home?
It's the first question most people ask after a major credit event: how long until I can buy again? The answer depends on the event and the loan type — and it's often sooner than you'd guess.
Waiting periods are program-specific
There's no single answer, because each loan type sets its own waiting period after a bankruptcy or foreclosure. The same borrower might face a longer wait on one program and a much shorter one on another. That's exactly why comparing programs matters so much after a credit event.
General ranges by loan type
These are general guidelines, not promises — your specific situation and the details of the event affect the timeline:
- Conventional loans tend to have the longest waiting periods after major events.
- FHA and VA loans often allow shorter waits than conventional, which is part of why they're popular for recovery.
- Non-QM loans can have the shortest waits of all — some programs work even soon after an event, in exchange for a larger down payment or higher rate.
Chapter 7 vs. Chapter 13 bankruptcy
The two common personal bankruptcy types are treated differently. Chapter 7 (liquidation) and Chapter 13 (repayment plan) have different clocks, and with Chapter 13, the timing can sometimes start based on when you entered the repayment plan rather than when it fully completes. Because the rules are nuanced, it's worth getting your specific dates reviewed rather than assuming.
How non-QM shortens the wait
If you don't want to wait years, non-QM programs are the main way to buy sooner. Because they're underwritten under flexible standards, some allow financing shortly after a credit event. You'll typically trade for a larger down payment and a higher rate, and many borrowers treat it as a bridge — buy now with non-QM, then refinance into conventional once the standard waiting period passes.
What documentation lenders expect
After a credit event, lenders generally want to see that it's genuinely resolved — discharge paperwork for a bankruptcy, for example — and that you've handled credit responsibly since. A clean recent history does a lot of the work of reassuring an underwriter.
The practical takeaway: don't assume you have to wait the maximum. Have someone review your specific event and dates against every program — the shortest path may be much sooner than you think.
Your situation is what matters
Waiting periods vary a lot by program, and the standard answer may not be your answer. Tell us what happened and when, and we'll tell you the real timeline for your options.