3-7 years depending on how quickly you get back on your feet and which motgage company you apply though
Community Answers
2-3-12
MJ says:
Truthfully, you can "qualify" immediately if your foreclosure and your bk are done. However, most lenders will not touch you for usually a six-month period after your discharge is granted. Some subprime lenders specialize in this area. No one will lend you money to my knowledge if you are still involved in the bk and foreclosure.
The longer from your bk and the better your credit becomes over time (approximately 2 years), then the lower your rate. However, you can still get a mortgage if you need one. Just be prepared to pay a much higher rate.
Also, a lot depends upon your current indebtedness and income (post-bankruptcy) that you have to handle.
I would suggest you talk to a mortgage broker who handles several companies and discuss your situation openly with them. He or she can direct you to the correct product and also help you with the timing and what you need to do to qualify again. References :
You can get a mortgage at any time. You will have to come in with some of your own money though. Ten percent at least. You will also be getting a higher interest rate on your new loan. Bankruptcy effects your credit for ten years, and forclosure for seven, but most lenders quite punishing you after four years in either case as long as your credit score has risen to a good level. References : Mortgage broker and Realtor in San Diego
Truthfully, you can "qualify" immediately if your foreclosure and your bk are done. However, most lenders will not touch you for usually a six-month period after your discharge is granted. Some subprime lenders specialize in this area. No one will lend you money to my knowledge if you are still involved in the bk and foreclosure.
The longer from your bk and the better your credit becomes over time (approximately 2 years), then the lower your rate. However, you can still get a mortgage if you need one. Just be prepared to pay a much higher rate.
Also, a lot depends upon your current indebtedness and income (post-bankruptcy) that you have to handle.
I would suggest you talk to a mortgage broker who handles several companies and discuss your situation openly with them. He or she can direct you to the correct product and also help you with the timing and what you need to do to qualify again.
References :
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LikeDislike3-7 years depending on how quickly you get back on your feet and which motgage company you apply though
References :
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LikeDislikeYou can get a mortgage at any time. You will have to come in with some of your own money though. Ten percent at least. You will also be getting a higher interest rate on your new loan. Bankruptcy effects your credit for ten years, and forclosure for seven, but most lenders quite punishing you after four years in either case as long as your credit score has risen to a good level.
References :
Mortgage broker and Realtor in San Diego
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The link below is a whole article on the different types of mortgage options available to bankrupt people and it tells you how and where to apply for a mortgage after bankruptcy.
References :
http://www.lifeafterbankruptcy.com/resources/mortgage-after-bankruptcy/how-where-apply-mortgage.html
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