Mortgage After Bankruptcy – Post Bankruptcy Financing – Frequently Asked Questions
If you have recently filed bankruptcy, you may have a few questions about your ability to get a home loan. Here are some common questions about mortgages after bankruptcy:
How long after my bankruptcy has been discharged should I have to wait to get approved for a mortgage loan? – Typically, mortgage lenders are open to considering an approval for a home loan after 2 years. Some lenders that are more strict have a policy of waiting 3 years to begin considering financing. It’s possible to get mortgage financing before 2 years from the discharge date, you just may end up needing a down payment or you may have to settle for a much higher interest rate.
Can I get the best interest rates available? Is it possible? – It’s not likely. The most likely way to get the lowest interest rate available would be to have a large down payment. Also, another factor that will contribute to what type of interest rate you qualify for would be how well you have paid your bills since the bankruptcy discharge.
What other factors will help me get approved...