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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

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!!

View Property

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.

View Property

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.

View Property

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!

View Property

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.

View Property

18391 E San Ignacio Court Gold Canyon, AZ 85118

$469,900

3 Beds

2 Baths

2,090 SqFt

Status Active

MLS # 6639976

Property Type Single Family Residence

Price Type --

Wow! This beautiful, well maintained, TURN KEY, former MODEL HOME comes FULLY FURNISHED & PROFESSIONALLY DECORATED and offers ***GREAT MOUNTAIN VIEWS, *** 3 CAR TANDEM GARAGE, Expanded Paver Patio, Firepit, COZY FIREPLACE and Much More including an Extra Door into the 3rd bay of garage! *** MUST SEE! ***Don't miss the NEIGHBORHOOD AMENITIES including park and picnic area complete with multiple BBQ Ramadas....all surrounded by state land to enjoy 4x4 adventures! ***3 Bedroom currently set up as a DEN without a closet.

View Property

19700 N 76th Street Scottsdale, AZ 85255

$469,900

2 Beds

2 Baths

1,403 SqFt

Status Active

MLS # 6619446

Property Type Apartment

Price Type --

Welcome to Amazing Grayhawk! Beautiful 2 Bedroom, 2 Bath Condo with a One Car Garage. Spacious Open Kitchen with New Appliances and Corian Counters opens to an Expansive Great Room Floorplan with a Romantic Fireplace and Custom Built in Cabinets and large Balcony. Other Features include Ceiling Fans, Recessed Lighting, 6 Panel Doors. Washer, Dryer and Refrigerator! Appliances and Carpet only 1 year old. The Resort Like Village at Grayhawk has 3 Pools and a Fitness Center. Amazing Location near Shopping, Golf and Fantastic Restaurants. Just minutes from The Scottsdale Quarter, Kierland and the 101.

View Property

8603 N 45th Avenue Glendale, AZ 85302

$469,900

4 Beds

2 Baths

2,460 SqFt

Status Active

MLS # 6620920

Property Type Single Family Residence

Price Type --

Step into your dream home with this stunning 4-bedroom, 2-bathroom gem. As you enter, you'll be greeted by freshly painted walls, both inside and out, giving the home a vibrant and inviting feel. The beautiful vinyl flooring throughout adds a touch of elegance to every space. Each room is equipped with brand new ceiling fans, providing a cool breeze on warm summer days. The spacious backyard, bordered by a sturdy block fence, offers the perfect sanctuary for relaxation and entertainment. Need extra storage? No problem! This home comes complete with 2 convenient storage sheds. Got toys? the RV gate provides easy access and parking options. Best of all, there are no HOA restrictions. Don't miss out on this incredible opportunity to make this house your home.

View Property

8743 E Greenview Drive Gold Canyon, AZ 85118

$469,900

2 Beds

2 Baths

2,115 SqFt

Status Active

MLS # 6658769

Property Type Townhouse

Price Type --

This residence epitomizes perfection and is prepared for immediate occupancy! Featuring 2 bedrooms, 2 bathrooms, and an additional den, this home is nestled in the scenic Gold Canyon area. The kitchen boasts quartz countertops, upgraded cabinets, and top-of-the-line stainless steel appliances. Gorgeous ceramic plank tile throughout the living spaces, complemented by plush carpeting in the bedrooms. The master bathroom is adorned with custom tile in the shower & includes a spacious walk-in closet. Fairway Views stands out as Gold Canyon's exclusive newer gated townhomes, a well-kept secret that ensures a tranquil living experience. This gated community comes complete with a pool, clubhouse, and open common areas, providing the perfect setting to savor the splendid Arizona weather!

View Property

914 Leisure World -- Mesa, AZ 85206

$469,900

2 Beds

2 Baths

1,964 SqFt

Status Active

MLS # 6659938

Property Type Single Family Residence

Price Type --

You are going to love this completely remodeled, modern home, in Leisure World. The private covered front courtyard is perfect for entertaining or a relaxing cup of coffee in the morning. The moment you open the front doors, you will be impressed by the open concept living with a huge kitchen with tons of cabinets for storage and an enormous island you could have a party around. Both bathrooms are tastefully updated, and the 2 bedrooms are enormous with huge walk in closets. The bonus room has a Murphey bed plus room for an office or workout area. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

View Property

306 W Rim View Road Payson, AZ 85541

$469,900

3 Beds

3.5 Baths

2,798 SqFt

Status Active

MLS # 6662934

Property Type Single Family Residence

Price Type --

Exceptional opportunity to own a beautifully renovated home perfect for families or investors. Numerous upgrades incl. fresh paint, new flooring, cabinets, fixtures, HVAC, etc. Conveniently located just a mile from Green Valley Park and Lakes this 3-bedroom property (with an optional 4th BR that can be used as a den) also features 3.5 baths. Versatile downstairs space for 2nd living area or game room. One master BR on main level, along w/kitchen and living room and basement too. Spectacular mountain and town views from balconies. Just 1.5 hrs. from the city, this home offers a peaceful escape while providing investment potential. Come see this gorgeous home to experience all its possibilities.

View Property

19777 N 76th Street Scottsdale, AZ 85255

$469,900

3 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6665830

Property Type Apartment

Price Type --

Great community! Enjoy heated pools, work out center, movie theater, biking trails, etc! Lock and leave. This 3 bedroom condo is loaded with upgrades; beautiful crown moulding, eat-in kitchen with plenty of cabinet space. Spacious family room, very open and bright! Balcony complete with stunning mountain views.

View Property