getting a mortgage post-bankruptcy

Learn how long it takes to get an FHA, VA, USDA, or conventional mortgage loan after Chapter 7 or Chapter 13 bankruptcy. Updated By Cara O’Neill , Attorney Filing for bankruptcy doesn’t have to put a damper on your home buying dream-at least not for long.

Getting a Mortgage Post-Bankruptcy It is extremely important that you prepare yourself to present your situation to your lender with complete clarity when getting a mortgage post-bankruptcy. The story matters, especially if your bankruptcy has been discharged for less than 2 years.

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Life after bankruptcy. Adopt a no-frills lifestyle. Rebuild good credit. Pay all bills on time. Build up a savings account. Get a credit card and pay off every month.

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You were discharged from your mortgage debt after bankruptcy, but you need your name off the title.

Apply for a conventional mortgage through a government-backed program. You may be able to get a conventional loan from Fannie Mae or freddie mac 2 years after Chapter 13 if the case was filed or dismissed 4 years ago. You must wait 4 years after a Chapter 7 bankruptcy was discharged or dismissed.

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We explain step-by-step what you should do after bankruptcy to get ready to buy a home. With the right strategy, you can qualify for a new mortgage.

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We can help you obtain a mortgage after bankruptcy, foreclosure or any other. Our experienced team of professionals are dedicated to finding a mortgage.

Once the waiting period is over, you’re officially in a position to apply for a mortgage. That doesn’t guarantee, however, that you’re going to be able to lock in the most favorable rates. Bankruptcy can stay on your credit report for up to 10 years and lenders won’t just overlook it when you apply for a loan.

As with Chapter 13 bankruptcy, FHA regulations demand a full explanation to be submitted with the FHA home loan application. To get a new FHA insured mortgage loan after Chapter 7, the borrower must qualify financially, establish a history of good credit in the wake of the filing of the Chapter 7, and meet other FHA requirements.