A Mortgage After A Bankruptcy

When it comes to buying a home and getting a mortgage after a bankruptcy, there are a few important things to know.  One of the most important things you must do after a bankruptcy is demonstrate that you established credit and that you are making your payments on time. Whether you get a credit card, a car loan, a student loan – any kind of loan that shows that you can re-establish your credit will help.

The Guidelines to determine when you are eligible to Own Again After and obtain a mortgage after bankruptcy will depend on which type of bankruptcy was filed and whether there was a property included in the bankruptcy.Regardless of what chapter of bankruptcy, it is important that you have re-established your credit and have a credit score that is at least 620 for many lenders.

Every bankruptcy has a slightly different twist to it – and so when it comes time to qualify for a mortgage after bankruptcy, it is important that you find an experienced loan officer at a lender who can help you navigate the process.

When getting a mortgage after a bankruptcy, the most popular loan is an FHA loan – because the FHA program is designed to help people who have less than perfect credit get into a mortgage.

FHA Waiting Guidelines for a Mortgage After A Bankruptcy with NO property included

Chapter 7: A borrower would be eligible for an FHA insured loan after your bankruptcy has been discharged for TWO (2) years.

Chapter 13: A borrower would be eligible for an FHA insured loan IMMEDIATELY after your bankruptcy has been discharged or after ONE (1) year in an active bankruptcy provide trustee approval has been received. Trustee approval will be on a case-by-case basis.

With a property included: Eligibility will be established THREE (3) years from the date of when the property is transferred out of the borrower’s name and after .

Owning Again After Bankruptcy: Which Loan Program Is Best?

For more information how to Own Again After and qualify for a mortgage after bankruptcy, click below or Contact Us.