With Chapter 13, FHA and VA loan borrowers may be able to refinance while they’re still in bankruptcy, after they’ve made a year of on-time payments according to their repayment plan. On conventional loans, you’ll need to wait 2 years after Chapter 13 discharge to qualify for a loan.

How long after Chapter 13 Can I get a mortgage?

In the case of conventional loans with a Chapter 13 bankruptcy, you must wait 4 years from the date of filing and 2 years from the date of discharge before applying for a conventional loan.

What happens to my mortgage after chapter 13 discharge?

Chapter 13 bankruptcy does not affect your home mortgage. You continue to make your mortgage payments during and after the bankruptcy. If you are behind in mortgage payments, you can pay off the arrears through your Chapter 13 repayment plan (which lasts three to five years).

How many years before you can refinance your house?

You’re required to wait at least seven months before refinancing — long enough to make six monthly payments. Any mortgage payments due in the last six months must have been paid on time, and you can have a maximum of one late payment (30 or more days late) in the six months before that.

Can a refinance be done after a chapter 13 bankruptcy?

Chapter 13: You can qualify for a refinance as little as a day after the discharge date of your Chapter 13 bankruptcy if you have a government-backed FHA or VA loan. The waiting period is 2 years after discharge if you have a conventional loan, but the bankruptcy must have been filed more than 4 years from the time your credit is pulled.

How long does it take to refinance VA loan after bankruptcy?

You can qualify for a refinance as little as a day after the discharge date of your Chapter 13 bankruptcy if you have a government-backed VA loan. The waiting period is 2 years if you have a conventional loan.

How long does it take to refinance a FHA loan?

Federal Housing Administration loans: Government-backed loans, such as FHA loans, require that you wait at least two years from your Chapter 7 bankruptcy discharge date before refinancing. A discharge is a court order that prevents creditors from collecting qualifying debts.

What should I do if I want to refinance my mortgage?

1. Review your options with your current lender. Your loan servicer can help you determine whether refinancing makes the most sense for you, especially given closing costs and other fees. If your finances are still tight, they may be able to revise your repayment plan or reduce your monthly payments on your current loan.