Credit Event Home Loan 

If you've had a recent credit event, such as bankruptcy or divorce, NASB's Credit Event Home Loan looks at your complete financial picture to help you secure a mortgage.

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Key Features

30% down payment required

We look at the borrower's complete financial picture

For borrowers with bankruptcy, divorce, or other credit events


Do you qualify for the Credit Event Home Loan?

This loan is built for a specific borrower. You may qualify if you have:

  • A credit score of 620 or higher
  • 30% down payment (gift funds permitted)1
  • 12+ months since your bankruptcy discharge (or other credit event)
  • Verifiable income with a max 45% debt-to-income ratio
  • Four months of PITIA reserves in liquid assets
  • A loan amount between $175,000 and $500,0001


Built for buyers who've rebuilt — not for those still rebuilding

Most lenders apply the same waiting periods to everyone. Four years after a Chapter 7 bankruptcy for conventional loans. Seven years after a foreclosure. These rules don't account for the borrower who put in the work to recover — who saved a real down payment, rebuilt their credit, and is ready to buy again.

NASB's Credit Event Home Loan is available to that borrower. We look at your full financial profile — income stability, assets, reserves, and credit re-establishment — rather than just the date on your discharge papers.

What makes this loan different:

  • Eligible 1 year after a bankruptcy, foreclosure, or other credit event — not 2 to 7 years
  • No PMI required with 30% down
  • Gift funds permitted for the down payment and closing costs
  • In-house underwriting — decisions made by NASB, not sold to an agency
  • Direct access to a loan officer — no call centers, no transfers
  • Decades of Non-QM experience lending to borrowers in non-traditional situations

Common credit events we work with:

  • Chapter 7 bankruptcy (1+ year from discharge)
  • Chapter 13 bankruptcy (1+ year from discharge)
  • Foreclosure (1+ year from completion)
  • A divorce that significantly impacted credit
  • Medical hardship and major medical debt
  • Loss of a loved one resulting in financial impact
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Credit Event Home Loan vs. Conventional vs. FHA

See how NASB's Credit Event Home Loan compares to traditional mortgage options for buyers with a recent credit event.

 ConventionalFHANASB Credit Event
Wait after Chapter 7 bankruptcy4 years2 years1 year
Wait after Chapter 13 bankruptcy2 years1 year1 year
Wait after foreclosure7 years3 years1 year
Minimum credit score620580620
Minimum down payment3–5%3.5%30%
PMI requiredYes (below 20% down)YesNo
Loan purposePurchase or refiPurchase or refiPurchase only
UnderwritingAgency guidelinesAgency guidelinesIn-house

Conventional and FHA waiting periods reflect typical agency guidelines; individual lender overlays may extend them. Discuss your specific situation with a NASB loan officer.


Is the Credit Event Home Loan right for you?

This loan is a fit if you:

  • Had a bankruptcy, foreclosure, or major credit event at least 12 months ago
  • Have rebuilt your credit to 620 or higher
  • Have at least 30% to put down (or are receiving it as a documented gift)
  • Want to buy a primary residence

You may be better served by a different loan if you:

  • Are self-employed and have strong cash flow but inconsistent tax returns → a Bank Statement Loan might fit better — qualifies on bank deposits rather than tax docs
  • Have less than 30% down but a 580+ credit score → a FHA Loan allows 3.5% down (with longer waiting periods after bankruptcy)
  • Are within agency waiting periods and can wait → a Conventional Loan typically offers better rates if you can satisfy the waiting period
  • Are looking to refinance after a credit event → contact a loan officer — the Credit Event Home Loan is purchase-only
  • Are buying an investment property → DSCR Loan — qualifies on rental cash flow instead of personal income

    Not sure where you fit? Speak with a NASB loan officer — we'll help you find the right path.




What Our Customers Say
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Credit Event Loan FAQs

The FAQs below summarize NASB's current Credit Event Loan program, features, and underwriting approach, including purchase‑only scope, minimum loan amount, documentation, and timeline.

NASB’s Credit Event Home Loan is a Non‑QM mortgage designed for borrowers with a recent credit setback (bankruptcy, divorce, medical bills, loss of a loved one) who can document their ability to repay. Generally, credit‑event programs evaluate the borrower’s full financial profile rather than strict agency waiting periods.

NASB considers borrowers at least one (1) year after the bankruptcy discharge date, subject to full underwriting. Non‑QM programs may allow shorter seasoning than traditional agency loans.

NASB requires a minimum 30% down payment; no PMI is required on this program. Higher down payments and strong equity help offset risk in credit‑event lending.

Yes—NASB allows outside gift funds to help cover down payment and/or closing costs on the Credit Event Home Loan. Many Non‑QM programs permit gift funds with documentation of donor and source.

NASB’s Credit Event Home Loan is available for purchase transactions; it is not offered for all refinance scenarios. Program availability by purpose varies across Non‑QM offerings.

Yes—NASB requires a minimum loan amount of $175,000 for Credit Event Home Loans (exceptions may apply in select local markets). Non‑QM products commonly set minimum loan amounts aligned with portfolio guidelines.

NASB reviews files involving bankruptcy (≥1 year from discharge), divorce, significant medical bills, or the loss of a loved one, among other documented life events. Lenders typically consider documented one‑time or extraordinary events when assessing risk.

NASB evaluates your complete financial picture—income stability, assets, credit re‑establishment, and property details—rather than a single score. Holistic Non‑QM underwriting weighs compensating factors alongside the credit event.

No—NASB’s Credit Event program does not require PMI with the minimum 30% down. Non‑QM pricing and equity generally replace PMI requirements.

NASB permits outside gifts; your loan officer will outline any required borrower contribution based on program specifics. Gift allowances and minimum borrower contributions vary by lender and risk profile.

NASB follows its Non‑QM property eligibility standards; your loan officer will confirm allowed occupancies and property types for your scenario. Eligibility by property type can differ across Non‑QM programs and locations.

NASB offers responsive reviews once a complete application and documentation are received; timelines depend on file complexity. Turn times vary with documentation speed and appraisal scheduling.


Looking for more detailed answers?

Explore our complete Credit Event Loan FAQs, including eligibility after bankruptcy, minimum down payment, gift funds, loan limits, and process.



Can’t Find What You Need?

NASB offers additional non-QM loan products that may better suit your unique situation. Speak with one of our knowledgeable loan officers to discuss your unique circumstances and explore the mortgage solutions that best suit your needs.


Loan Type1Who is it For?Minimum Credit ScoreMinimum Loan AmountMinimum Down Payment

Credit Event Home Loan

For buyers with a recent bankruptcy, foreclosure, or major credit event.

Borrowers 12+ months past a credit event with savings to put down620$175,00030%

Bank Statement Loan

Uses bank statements (not tax docs) to verify income.

Self‑employed borrowers, business owners, or independent contractors700$175,00010% with mortgage insurance*

1099 Loan

Uses 1099 income instead of traditional income docs.

Independent contractors, freelancers, and gig workers700$175,00020%*

DSCR Loan

Qualifies based on rental property cash flow instead of income.

Real estate investors700$175,00020%

Asset Depletion Loan

Uses assets (not income) to qualify for a mortgage.

High-net-worth borrowers or retirees using liquid assets to qualify700$175,00020%*

Jumbo Loan

For higher loan amounts or loans that don't meet standard guidelines.

Borrowers with home purchases above the conforming limit720$805,50120%

*10% down payment with no mortgage insurance option available with 740 FICO. Talk to a NASB loan officer for more details.

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1A credit event is a one-time, non-recurring, or ongoing event that has impacted a customer's credit score. Credit Event Home Loans require a minimum $175,000 loan amount and a 30% down payment. Contact a NASB Loan Officer for details on the excluded areas and zip codes. It is not available in New York state, the Chicago or Baltimore metropolitan areas, and not in all locations or for all property types. Loans are subject to underwriting, eligibility criteria, and other factors. Your loan officer will provide more information regarding Credit Event Loans and what may work best for your situation.

2Additional eligibility criteria for each loan product may exist. Visit nasb.com for more information on each loan product type. Loans are subject to underwriting and eligibility criteria, and other factors. Your loan officer will provide you with more information regarding a specific loan and what may work best for your situation. The 1099 Loan, DSCR Loan, and Credit Event Home Loan products are not available in New York, the Chicago or Baltimore metropolitan areas and not in all locations or for all property types. Contact a NASB Loan Officer for more details on product eligibility, specific areas and/or zip codes excluded.