Mortgage After Bankruptcy Post Bankruptcy Financing Frequently Asked Questions

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 for a​ home loan? - Your credit is​ only one of​ a​ few of​ the​ main factors in​ getting a​ home loan .​
Other factors include,​ employment history,​ debt-to-income ratio,​ the​ homes loan-to-value,​ income and down payment .​
So,​ consequently,​ if​ you​ have credit problems,​ it's important,​ not only to​ work on​ increasing your credit score but to​ strengthen the​ other factors that work for you​ in​ the​ loan process.
How long will a​ bankruptcy affect my ability to​ get a​ mortgage loan? - a​ chapter 13 bankruptcy stays on​ your credit history for 7 years and a​ Chapter 7 bankruptcy stays on​ credit for 10 years .​
However,​ starting from the​ first day after your bankruptcy discharge date,​ as​ your credit improves,​ your credit score improves .​
As you​ make payments over time,​ your credit score will continue to​ go up and can be in​ the​ high 600's or​ 700 even before you​ bankruptcy filing has come off your credit report.

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