Bankruptcy hurt mortgage chances?

As of now there are programs that allow you to get financing after two years from the discharge of a BK, however as rules and investor change this may not be a guarantee in two or more years. There are ways that you can rebuild your credit so that when the time is up, your credit scores are where they need to be. As guidlines change constantly, credit score requirement are also changing and not for the consumers benefit. If you would like to get more specific answers to your case, I would be more than happy to answer any question directly through my email at tmendoza@re-smartloan.com I am with Directors Financial Group, a direct lender and deal through out California.

No, but you'll need to RE-ESTABLISH your credit by opening new credit accounts. I suggest at least 3 new accounts. These accounts are to be opened after the discharge date. With newly established credit accounts paid on time since the discharge date, you'll be well on your way to getting a home loan after waiting a few years after the discharge date. If you do not Re-Establish with new credit as prescribed, then yes, after 5 years you will still have trouble. To discuss further call me at 310 433 1703 JeddNabonsal@gmail.com Pinnacle Bancorp -Mortgage Broker Jedd Nabonsal

Thank you for your question. The waiting period to get a mortgage loan can be anywhere from two (2) to five (5) years depending on the type of bankruptcy and the type of loan you are looking to get. You'll find a quick-reference chart of loan types and waiting periods on my website at http://www.homeloansslc.com/bankruptcy-and-foreclosure/ . Warmest regards,Cory

BK will have a big impact to your credit initially. The waiting period is 2 years with mitigating circumstances, or 3 years with out. But your credit score has to recover as well. (if there was a foreclosure involved, then other restrictions and timelines apply) The good news is that Time Heals All Wounds... this is especially true when it comes to credit.. The older a negative item is on your credit, the less impact it has on your score. If you re establish, keep clean, and pay your bills on time, you should be able to purchase a home in 3 to 5 years.. WilliamAcres.com

Guidelines change almost as often as rates. No one can tell you with honesty what will be available for you or anyone else in 5-years. ... Happy funding, Rudi

You can get a mortgage loan after your bankruptcy has been discharged! If you have already paid off your previous Chapter 7 or Chapter 13 Bankruptcy, congratulations. However, many banks still view you as credit risk. I have aligned myself with the most progressive lenders to get you the best mortgage after bankruptcy with the best rates and terms you deserve. If you want to buy a home after bankruptcy, I can help you improve your credit and help you get approved for the best loan on the market. Or if you already own a home and want to consolidate your high interest debt, a refinance after bankruptcy loan can provide lower payments and improve your financial standing. Program GuidelinesDischarged Chapter 13 BK - To qualify, you need to have 12 months of on time payments since you have been out of Ch 13 (mortgage and or other credit).Discharged Chapter 7 - To qualify, you need no credit lates for 2 years.