large sector of home loans depend on VA or Federal Housing Administration loan guarantees, so your ability to qualify for these guarantees may be able to determine when you will be able to get a home loan.

The Federal Housing Administration will insure mortgages for individuals that have filed Chapter 7 bankruptcy at the point of two years after being discharged from bankruptcy, “if the borrower has re-established good credit (or chosen not to incur new credit obligations), and has demonstrated an ability to manage financial affairs.”

For Chapter 13 bankruptcy cases, the FHA has regulations that specify the borrower still in Chapter 13 debt adjustment, and who has completed the one year payment plans and has court approval of said transaction also qualify for insured mortgages.

The Veterans Benefits Administration also has regulations about insured home loans similar to those of the FHA.

These types of loan guarantees also make it easier to get reasonable interest rates on a home loan, as the loan rate is typically, and should be, based on the guarantee status of the loan.

Many of the other factors involved in assessing your personal situation with regard to bankruptcy and attaining a home loan are difficult to go over here, but there are two main factors that can make a difference.

1. Since you have none of the old bankruptcy debt, a creditor that sees you are no longer subject to repayment of old debts and are free to collect new debt. This can help with particular creditors.
2. Credit history still plays a role. Even though bankruptcy may have adversely affected your credit rating, if your overall credit history before the bankruptcy was good, this can also play a large role in how new creditors see you.

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