getting morgage after bankruptcy?

Typically, persons coming out of a bankruptcy end up going with a FHA or VA (assuming eligibility) because the wait time (penalty period is half that of conventional loans. Plus, with FHA, you still only need a 3.5% down payment. If the BK was a Chapter 7, then the wait is two years. Few people really have the extenuating circumstances that would warrant an exception that would allow in as little as one year. If your BK was a 13, then as soon as 12 months after filing, assuming you have made 12 plan payments and have your Trustee's permission. Don't wait too long to start the process. Most people coming out of a bankruptcy have many errors on their report and need to start early on getting items corrected. Work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. In addition to having access to loan products of MANY lenders, not just those of ONE bank, most of the big banks don't want to help you, probably because they feel like you stiffed them, even though you just took advantage of the same rules they would. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

If your asking how long, you need to wait a minimum of 2 years from discharge date and then you can qualify. Give us a call and we can guide you on how to be ready to buy after the 2 year period.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

The answer depends on the type of bankruptcy you had, (chapter 7 or 13) and the type of mortgage you are applying for (FHA, Conventional, VA, etc.)FHA Home Loan After Chapter 7 Bankruptcy: 2 years from date of discharge with re-established credit paid as agreed or no new credit obligations incurred. Less than 2 years, but not less than 12 months from date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and the borrower had since exhibited a documented ability to mange financial affairs in a responsible manner.FHA Home Loan After Chapter 13 Bankruptcy: 1 year payout period from when bankruptcy filed and the borrower's payment performance has been satisfactory. All required payments made on time.Conventional (Fannie/Freddie) Home Loan After Chapter 7 Bankruptcy: 4 years from date of discharge. Or 2 years from discharge date may be possible with acceptable circumstances.Conventional (Fannie/Freddie) Home Loan After Chapter 13 Bankruptcy: 2 years from date of discharge. Or 4 years from dismissal date.

If the proper time has gone by (2 years) getting a mortgage is not as hard as most home buyers think.