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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16461 W Yucatan Drive Surprise, AZ 85388

$469,900

3 Beds

2 Baths

2,180 SqFt

Status Active

MLS # 6672354

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous single story home with many upgrades. This 3 bedroom and 2 bathroom home has an open floorplan. It is located in Sycamore Farms with many great parks and close proximity to restaurants, shopping and entertainment. This home has neutral paint, new carpet- 2022, new hot water heater in December 2023, new artificial turf was installed this past spring- 2023. This home has granite counter tops in the kitchen with raised cabinets, soaring 9' ceilings, huge dual (2) walk-in master closets, and a tandem 3-car garage. This original owner has taken great care of this home! Don't miss out!

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10510 E Flintlock Drive Sun Lakes, AZ 85248

$469,900

2 Beds

2 Baths

1,545 SqFt

Status Active

MLS # 6682860

Property Type Single Family Residence

Price Type --

Updated and Remodeled Home in Sun Lakes. Wood Plank Tile Flooring throughout out with Newer Windows. Exterior Painted in 2023. Wonderful, gated courtyard with brick pavers and rain gutters. Spacious wrap around back and side patio for entertaining with above ground spa. Granite Counters and pendent lighting in kitchen. Garage has epoxy floors, service door and mini split ac in garage, golf cart garage door. Master bath shower has been remodeled with updated sinks and faucets in baths. Enjoy the 5 different public golf courses that Sun Lakes has with plenty of restaurants grocery stores and Hospitals nearby.

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9864 E Fortuna Avenue Gold Canyon, AZ 85118

$469,900

3 Beds

2 Baths

1,606 SqFt

Status Active

MLS # 6685210

Property Type Single Family Residence

Price Type --

New construction with Samsung appliances, 4 ton A/C unit, 40 gallon electric water heater, septic tank, asphalt shingled roof, 2 car garage, low maintenance landscaping in front yard, surrounding block wall, and a glorious curved iron front door. Live in luxury in this beauty located in the low desert near the Gold Canyon Golf resort.

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7167 W Merriweather Way Florence, AZ 85132

$469,900

2 Beds

2 Baths

2,094 SqFt

Status Active

MLS # 6686698

Property Type Single Family Residence

Price Type --

DON'T WAIT MONTHS TO BUILD when this immaculate and highly upgraded Pursuit model is ready today. Notice the meticulously maintained desert landscaping, paver lined driveway and paver front patio. Inside is just as stunning as outside with features that include a chefs kitchen w/cherry cabinets, slide drawers, crown molding, quartz countertops, stainless steel appliances, pendant lights, under cabinet lighting, plantation shutters, a built-in entertainment center w/surround sound, den with double doors, a spacious laundry room w/storage cabinets and sink epoxy floors, garage storage and garbage can corral. Open up the two sliding doors to let the outdoors in! You and your guests will love the extended paver patio w/electric shade, fire pit and privacy wall. AMAZING HOME! AMAZING PRICE!

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3257 E Malibu Drive San Tan Valley, AZ 85143

$469,900

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6687571

Property Type Single Family Residence

Price Type --

Nestled w/in the picturesque Bella Vista Farms community, this stunning single-level home, meticulously completed in 2023, boasts exceptional curb appeal & contemporary design. Step inside to discover an array of special features, including 9+ flat ceilings, dual pane windows that flood the space with natural light creating a bright & airy atmosphere. The open floorplan seamlessly integrates the brand new kitchen features a spacious layout w/ a breakfast bar/kitchen island, Quartz counters & stylish shaker cabinets, and hidden/under cabinet outlets, perfect for culinary enthusiasts & entertaining guests. Retreat to the beautifully appointed master bedroom w/ double sinks & private toilet room. Outside, the tranquil backyard oasis beckons w/ a covered patio, ideal for outdoor dining or relaxation that also has gas line hookups for outdoor grills & outdoors outlets for lighting systems/christmas lights. Home has keyless entry, pre-wired for surround sound systems, ceiling fans & recessed lights inside while also having a ring security system, motion detectors, doors sensors and smart thermostat for convenience. Additional features include fresh new interior paint, soft water hookup, exterior tankless water heater, 220v in the garage & 2 storage racks in the garage convey. Residents of Bella Vista Farms enjoy an amenity-rich lifestyle w/ exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court & greenbelt. Nearby, San Tan Regional Park offers endless outdoor recreational opportunities, while Queen Creek Marketplace provides shopping/dining options. Experience the best of San Tan Valley living.

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11011 N Zephyr Drive Fountain Hills, AZ 85268

$469,900

2 Beds

2 Baths

1,460 SqFt

Status Active

MLS # 6687201

Property Type Apartment

Price Type --

Absolutely Immaculate from the moment you enter this 2nd floor gem nestled in the heart of Fountain Hills. Boasting breathtaking Red Rock and Four Peeks Mountain views from the sweeping expansive covered balcony! Large Living room with new carpet and cozy F/P. Kitchen features granite countertops, breakfast bar W/I Pantry, new SS Range. All appliances to convey! Large sun soaked formal DR to entertain family and friends! Split master floorplan with spectacular master retreat featuring large W/I closet, sitting area and full glamour master bath with soaking tub, W/I shower and granite countertops. Wonderful supporting 2nd BR w/ built in Murphy bed and loads of storage and built ins make this room versatile! NEW H20! One car detached garage with built in storage! Community Pool and Spa!!

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2089 Chevelon Road Overgaard, AZ 85933

$469,900

2 Beds

2 Baths

1,205 SqFt

Status Active

MLS # 6693776

Property Type Single Family Residence

Price Type --

Absolutely adorable 2 bedroom, 2 bath + loft. Super floorplan with open great room & vaulted knotty pine ceiling, rock faced fireplace, wood windowsills & blinds, & knotty hickory cabinets. Large loft for game room or extra sleeping area & balcony off of the master bedroom too. Low maintenance siding & large covered front deck, plus the newly expanded back deck with redwood make a great spot for relaxing on this shady & heavily treed 1.10 acre homesite. Easy year round access on maintained paved roads.

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1750 W Angel Fire Terrace Phoenix, AZ 85027

New

$469,900

3 Beds

2 Baths

1,540 SqFt

Status Active

MLS # 6696144

Property Type Single Family Residence

Price Type --

Wow stunning remodeled home that is turn key. home features open concept floorplan. home has new kitchen, counters, floors, bathrooms, paint interior and exterior and upgraded landscaped yard. north south exposure. home is also available for rent or lease purchase. owner agent with fast answers.

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2161 Clubhouse Drive Prescott, AZ 86301

New

$469,900

3 Beds

2.5 Baths

1,701 SqFt

Status Active

MLS # 6696828

Property Type Townhouse

Price Type --

Don't miss this dream townhome with one of the finest lot locations in Prescott Resort! This light and bright 1700 square foot townhome is located on the #9 fairway of Antelope Hills' North Course so your views includes acres and acres of well-maintained golf course beneath towering trees. Charming wraparound patio extends living and entertaining areas to enjoy the cool Prescott weather. Sleek contemporary lines with gray tones define this fabulously remodeled end unit with the main living area offering high vaulted ceilings from the kitchen to dining and two adjoining living areas. Spacious kitchen includes breakfast area, gas cooktop, gorgeous counters and kitchen island. A spiral staircase accesses a roomy loft - perfect hobby room, den or can be converted to a bedroom. Just minutes to Embry Riddle, down town Prescott, shopping & medical. Enjoy the amenities of outdoor living, walks on the greenbelt, fantastic restaurant at clubhouse & 2 community pools. A golfer's paradise!

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9505 E Arrowvale Drive Sun Lakes, AZ 85248

New

$469,900

2 Beds

2 Baths

1,763 SqFt

Status Active

MLS # 6696472

Property Type Single Family Residence

Price Type --

This home is located in the Gated Golf Course Community of Sun Lakes and in the prestigious Oakwood Country Club community! This 2 bedroom 1.75 bathroom home. Home features, granite countertops, open floor plan, wood shutters, vaulted ceilings. Backyard is virtually maintenance free with artificial turf. Garage has built in cabinetry. Property Sold in AS IS Condition

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3613 W Sousa Court Anthem, AZ 85086

New

$469,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6697734

Property Type Single Family Residence

Price Type --

Move in ready!! This 3 bedroom, 2 bath Anthem home features vaulted ceilings throughout, formal dining room, breakfast room with bay windows, oak cabinets in the kitchen, tile flooring, double sinks in the primary bath, walk-in closet in the primary bedroom, upgraded window shutters, covered patio w/ extended patio leading to fire pit, corner lot, 2 car garage, cul-de-sac lot, and more!

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11500 E Cochise Drive Scottsdale, AZ 85259

$469,900

2 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6599495

Property Type Townhouse

Price Type --

Pristine FIRST LEVEL - no interior steps W/ DIRECT PRIVATE GARAGE INTERIOR ACCESS & private driveway. Privacy. One of the best Scottsdale resort-like locations in GATED community. All appliances included! Features large open plan concept, a den/office, split bedrooms, full master suite w/large walk-in closet, ceramic tiles, instant hot water system, alarm system, covered patio. Enjoy the great amenities at spotless Community center w/fantastic pool & spa, fitness club/center, social center, parks, walking trail, pool tables, BBQ area, ramada, meeting room, etc... Located near fabulous retail & restaurants, Mayo Clinic, Basis schools, and everything.

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