Two years after Chapter 7, you have more than one door.

Two years after Chapter 7, you have more than one door. Here’s how to pick the right one.

FHA is the most common starting point. It needs a 2-year wait from discharge. With a 580+ credit score, the minimum down payment is 3.5%. Many lenders add their own overlays at 620-640, so the published minimum can be harder to use than it sounds.

VA is the strongest option if you served. It has the same 2-year wait, 0% down, and rates that typically run lower than FHA. If you have entitlement, start here.

Conventional takes 4 years from discharge, but mortgage insurance cancels once you reach 80% loan-to-value. FHA’s annual premium doesn’t cancel automatically. If your score is strong at year four, conventional often wins on cost.

Extenuating circumstances: if a documented job loss, medical emergency, or similar one-time event caused the bankruptcy, FHA may allow as little as 12 months. The paperwork has to tell the story.

The right loan depends on your discharge date, your score, and what’s on your credit now. Bring those three numbers and we’ll tell you where you stand.

Ryan Miracle & Chris Beal, Ruoff Mortgage, Columbus. NMLS #497698