How Long After Bankruptcy Can You Get A Home Loan

How Long After Bankruptcy Can You Get A Home Loan

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However, if you have been made bankrupt you might be wondering how long after bankruptcy you will have to wait until you can get a mortgage. Being accepted for a mortgage can be tough, even with the best credit score, so when it comes to those who have been made bankrupt the journey won’t be a smooth one.

Rather than voluntarily making payments on the mortgage after you file your chapter 7 bankruptcy case, you or your lender may look at a process called reaffirmation. Reaffirmation is a legal term, but it loosely means a new promise to repay a debt after bankruptcy that otherwise would be wiped out.

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You still have options to borrow money even if you can't find a lender willing to.

Here are some steps you can take to get yourself on the right track and qualify for a loan after bankruptcy. Free Credit Consultation – Call 844-346-3296 Repairing Your Credit With Lexington Law.

There are restrictions on applying for a mortgage while you are in Chapter 13: You can obtain an FHA or VA loan during a Chapter 13 bankruptcy as long as you have made 12 months of Chapter 13 plan payments and the bankruptcy court approves the loan. If you don’t have a satisfactory payment record, you may have to wait for a year after discharge.

In the event you can document that your bankruptcy was essentially out of your control, you may only need to wait two years before you can qualify for a conventional mortgage. A two-year waiting period is permitted if extenuating circumstances can be documented, and is measured from the discharge or dismissal date of the bankruptcy action.

Factors That Can Prevent You From Getting a Mortgage After Bankruptcy. Listed below are the top 8 factors that can prevent you from getting a mortgage after bankruptcy.. It is important to stay on top of items like your credit score, current payments, current home condition, etc. Keeping an eye on these factors can help you be in a position to be buying a house after bankruptcy.

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