Profile picture for jna4sander

How do we apply/ obtain a mortgage loan after bankruptcy?

  • October 04 2010 - Loveland
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Answers (2)

Expect you will have to wait at least 3 years - after 2 it is possible if BK was due to extenuating circumstances (very hard to get this exception)

I would advise choosing a lender to work with now that can help you be prepared when the time comes.

There are also investors that will purchase a home for you now...and do a owner carry back until you can get your finances back in order.
  • October 10 2010
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Profile picture for David Widlund
I realize this might sound trite, but you apply for a mortgage the same way whether you have had a bankruptcy or not.

If it was a recent bankruptcy (<2 years), you don't have any options for purchasing or refinancing, outside of private money. Those are terrible terms - 12-13% plus 2-4 points up-front - unless you are doing a very fast fix and flip...in, out and on with your life. If you are hoping to purchase, I don't know of any way within the first two years.

If you are outside of those two years, you may have some options, the first is FHA. It could take longer. There is probably much more to your financial situation besides the bankruptcy. It could be good, it could be bad, but either way, find an expert, and learn what you need to do to get going in the right direction.

good luck!
  • October 04 2010
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