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can i get a mortgage if i have had a bankruptcy?

  • January 15 2012 - Tampa
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Answers (5)

That's a great question. As you can see it's not an easy one to answer without knowing all of the specifics. The quick answer is yes, and the best thing to do is consult with a loan officer or two, and they can give you more information and tell you what your options are. The timeframe of your bankruptcy and your financial status now are major factors in the equation.

  • January 17 2012
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Talk with loan officer and I suggest it be at your personal bank. FHA will give you a good look if bankruptcy 3 years old.
  • January 15 2012
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Yes, after some years and depending on your peronal circunstances. Talk to loan officers that are not working with just one company. Best of luck.
  • January 15 2012
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In my experience, the answer is: yes.  Basically, you have to (1) rebuild your credit, (2) get your financial ducks in a row, and (3) save enough money for a downpayment.

(1) Rebuild your credit by re-establishing a good history of paying bills on time, getting credit (perhaps a pre-paid credit card), and checking your report on all 3 credit bureaus to clear up any negative comments.
(2) Get your financial life in order, paying all bills on time, reining in expenditures, and repaying any debt as fast as possible.  Doing this rebuilds your credit (#1 above).
(3) Save as much as possible for a downpayment, possibly a 10% minimum.

My final recommendation?  Have a chat (even though it might seem premature) with a trusted mortgage professional to get their guidance as to how best position yourself to ask for a mortgage down the line.

Good luck!
  • January 15 2012
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It might be possible, yes. I recently worked with a home buyer who had a bankruptcy and they were qualified for an FHA mortgage so long as the bankruptcy was more than 3 years ago. In full disclosure, I'm not a mortgage broker so you definitely want to speak with a professional about mortgages and pre-approvals. Good luck.
  • January 15 2012
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