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Qualifying for Mortgage After Bankruptcy

Meeting the Requirements of Mortgage Post Bankruptcy

After you file for bankruptcy it is tough to get a home loan as the criterion is hard to meet. Yet there are ways to make it possible. Just after a bankruptcy filing is completed it is tough to purchase a home at that time. Lenders have drawn underwriting guidelines for mortgages. They are targeted for borrowers who fall under chapter 7 or chapter 13 or have their waiting period completed or fulfill home loan criterion in any other way.

What is a Waiting Period?

Waiting period is the time you have to give before you get a home loan approval immediately after filing a bankruptcy. The period of waiting after the discharge of chapter 7 filing, in case of government loans such as FHA mortgage, is two years. In the same case you have to wait for four years if the loan type is conventional or non- governmental. For extenuating situation the period of waiting for loans that are conventional is for two years while it is one year wait in case of FHA loans.

You may go for a conventional loan after filing chapter 13.There will be a two years wait following the dismissal date. In case you choose FHA, make sure that in one year the payments of chapter 13 are made timely. Simultaneously you acquire permission for a new mortgage from the bankruptcy court.

Exceptional Situations

Extenuating circumstances include accidental situations like the demise of main earner, serious illness or natural disaster. You need to produce evidence of this type of circumstances to mortgage lenders. The requirements of different lenders can vary so it is better to consult home loan experts to be sure if your situation is extenuating or not.

Make Use of Every Situation

Apart from waiting intervals the borrowers are expected to achieve a fairly good credit rating by the mortgage lenders. To reach that, standard payments should be made timely, and any bounced cheque issues, civil judgments or incurring collection has to be avoided. Make use of the interval period post-bankruptcy and before getting a home loan to pay off outstanding debts and building a savings.

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