Yes, but only if you can document extenuating circumstances that caused the bankruptcy. Standard conventional loans require a 4-year waiting period after Chapter 7 discharge, but this is reduced to 2 years if you can prove the bankruptcy resulted from circumstances beyond your control (job loss due to company closure, serious medical issues, death of wage earner, natural disaster). You'll need to provide documentation such as layoff notices, medical records, death certificates, or insurance claims, plus a detailed letter of explanation. Your credit score must be at least 620, you must demonstrate 24+ months of perfect payment history post-discharge, and show stable income and reserves.

The minimum credit score for conventional loans is 620, even after bankruptcy. However, you'll get significantly better interest rates with a 680+ score, and the best rates require 740+. Immediately after bankruptcy discharge, your score may be in the 500s. Following a credit rebuild strategy (secured card, authorized user status, on-time payments, low utilization), most borrowers reach 620 within 18-24 months and 680+ within 36 months. Nevada borrowers with bankruptcy who achieve 700+ scores can expect rates within 0.5-1% of non-bankruptcy borrowers.

The waiting period for conventional loans starts from the discharge date, NOT the filing date. Chapter 7 bankruptcy typically takes 4-6 months from filing to discharge. Chapter 13 can take 3-5 years depending on your repayment plan. For example, if you filed Chapter 7 on January 1, 2022 and received discharge on May 15, 2022, the 4-year waiting period begins May 15, 2022, meaning you'd be eligible for conventional financing May 15, 2026 (or May 15, 2024 with extenuating circumstances). Always calculate from the discharge date shown on your bankruptcy court documents.

Yes, it's possible but challenging. For conventional loans, you can potentially qualify after 12 months of on-time Chapter 13 plan payments if you obtain written permission from your bankruptcy trustee and court approval. Requirements include: perfect 12-month payment history on the Chapter 13 plan, trustee written approval for incurring new debt, credit score of 620+, debt-to-income ratio under 43% (including the new mortgage payment AND Chapter 13 payment), and documented stable income. Not all lenders offer this program – you'll need a lender experienced with in-bankruptcy financing. FHA loans may be a better option during Chapter 13 as they only require 12 months of payments and trustee approval without the 2-year waiting period.

Not always, but it's common. Automated underwriting systems (DU/LP) may approve post-bankruptcy borrowers if you have strong compensating factors: credit score 680+, low debt-to-income ratio (under 36%), significant reserves (6+ months), 20%+ down payment, and well-documented extenuating circumstances. However, many post-bankruptcy applications require manual underwriting where an underwriter reviews your entire financial profile including the letter of explanation for bankruptcy, post-discharge credit rebuild efforts, employment stability, and reserves. Manual underwriting allows flexibility for borrowers who don't fit automated system criteria but demonstrate creditworthiness through other factors. A skilled Nevada lender can structure your application to maximize automated approval chances or present a compelling manual underwrite package.

FHA loans have shorter waiting periods (2 years Chapter 7, 1 year Chapter 13 with payments) compared to conventional (4 years / 2 years with extenuating circumstances). If you're within the waiting period or have a credit score below 620, FHA is your only option. However, if you meet conventional requirements, conventional loans are usually better because: no upfront mortgage insurance premium (FHA charges 1.75% upfront), lower monthly mortgage insurance ($80-120/month less), MI drops off automatically at 78% LTV (FHA MI lasts loan life for 3.5% down), and lifetime savings of $15,000-$30,000+ over FHA. Strategy: Use FHA to buy sooner if needed, then refinance to conventional after you reach 20% equity and 24+ months payment history to eliminate MI and reduce costs.