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 can do after a bankruptcy is that you show and demonstrate that you can get credit established and make 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.
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.
2013 FHA Waiting Guidelines After Bankruptcy
When considering getting an FHA loan, there are certain official waiting periods that FHA requires.
- It is possible to get an FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.
- It is possible to get an FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 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 640 for many lenders who offer FHA loans.
FHA Loan After Bankruptcy: Find A Loan Officer
It seems like 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 a loan officer at a lender who can help you navigate the process. FHA loans are the most popular loan program for people with less than perfect credit – so if you have had a bankruptcy (or any other financial hardship) it is possible that an FHA loan is the best bet.
But FHA loans aren’t your only option!
Our lender network has many different programs that are not FHA loans that you most likely won’t hear about unless you speak with them directly. Submit your information below and get started exploring the programs available for people who have been through bankruptcy and get approved for a mortgage with one of the available programs today. Getting started is easy – submit your information and we will match you up with a lender who specializes in helping people just like you.
