Following a Chapter 13 bankruptcy, USDA loans require a one-year waiting period. This waiting period applies whether you are discharged or dismissed.

You can apply for any type of loan after bankruptcy if you meet the waiting period. Some mortgages are easier to get than others.

After a bankruptcy, one of the primary advantages of applying for an FHA loan is the fact that the credit requirements are more lenient.

The act of filing for bankruptcy will continue to have a negative impact on your credit score, even after the court has dismissed or discharged your bankruptcy case.

A Chapter 7 bankruptcy will appear on your credit report for ten years, whereas a Chapter 13 bankruptcy will appear on your credit report for seven years.

During this time, your credit score will be significantly lower than it was prior to your bankruptcy. However, with an FHA loan, you can buy a home with as little as 580 points.

If you put down at least 10%, you could qualify for a loan with a credit score as low as 500 points. The minimum credit score required by Rocket Mortgage® is 580.

Bankruptcy lowers credit score. If your score is 580 or lower, you'll need to repair it to meet your mortgage lender's requirements.

Restore your credit rating. Obtaining a secured credit card is one of the best ways to begin re-establishing your credit after a Chapter 7 or 13 bankruptcy.

When you apply for a secured credit card, you are required to make an initial deposit with the credit card issuer.

This is your credit line. From there, you pay off debt monthly. Even after bankruptcy, you can get a secured credit card with low credit.

On-time bill payment. Making credit card and loan payments on time each month will boost your credit score.