A personal bankruptcy does not have to bar an Oregon consumer from home purchase for very long. Oregon bankruptcy filers that went through a Chapter 7 bankruptcy must wait four years from the date of discharge before applying for a conventional loan.
The waiting period, according to Fannie Mae, is just two years from discharge for Chapter 13 bankruptcies. Moreover, the wait for an FHA loan is only two years for Chapter 7 bankruptcy, and one year for Chapter 13 bankruptcy, provided the individual has kept up with payments in the Chapter 13 and has permission from the court. Permission from the Bankruptcy Court in a Chapter 13 is normally fairly easy to obtain. If extenuating circumstances such as job loss of medical disaster the above guidelines can be shortened.
