obtaining a mortgage after bankruptcy

In fact, depending on the type of bankruptcy filed and the loan applied for, some people can get a mortgage in as quickly as one year.

Obtaining a Mortgage After Bankruptcy By Michael Zuren, PhD Updated on 7/19/2017. There are strict guidelines for mortgage financing after a bankruptcy. Many individuals who have had a bankruptcy mistakenly think that they will not be able to qualify for a mortgage or to refinance their current mortgage.

How long does Chapter 7 bankruptcy last? What will my life look like during bankruptcy? The waiting periods required after bankruptcy will vary according to the type of bankruptcy and the type of mortgage loan for which you’re applying. Most lenders will require paperwork from the bankruptcy court documenting your bankruptcy filing, as well as documentation to show it has been discharged.

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During that waiting period, you must keep your new developing credit record clean. If you run into trouble, you might have to restart the clock. For instance, if your mortgage is foreclosed a year after your bankruptcy case is discharged, you’ll have another waiting period before you can qualify.

Obtaining a Mortgage after Bankruptcy. April 28, 2015 by Chris Peterson. Many people assume that a bankruptcy means there is absolutely no way to obtain credit-let alone a mortgage-until it is off the credit report in 7-10 years. However, this is not true. You can obtain a mortgage in much.

A combination of these credible excuses sometimes help reduce the waiting period for obtaining a new mortgage after bankruptcy or foreclosure, according to Innman News. With the federal housing administration, the normal waiting period for obtaining a mortgage after a Chapter 7 bankruptcy.

For Chapter 7 bankruptcy, FHA and VA regulations require a two-year waiting period from the time of discharge (not the time of filing).Conventional loans require a four-year waiting period from the discharge date. Getting a FHA or VA loan after Chapter 13 bankruptcy is a little more complicated. If you have consistently made verified payments for one year, you can apply for a FHA loan.

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Obtaining a mortgage loan after bankruptcy can be difficult, but you should eventually be successful if you manage your credit carefully going forward.

Getting a Mortgage After a Bankruptcy and Foreclosure. If you went through a foreclosure and bankruptcy around the same time, which is quite common, there are more steps that may be needed prior to being eligible for a conventional, FHA, or USDA loan.