Bankruptcy doesn’t have to put an end to your dream of owning a home – it could happen as early as a year after bankruptcy discharge.
The key is to take positive steps with your credit and get back your financial footing. There are a lot of balls to juggle when getting a mortgage after bankruptcy. Besides the variety of mortgages available, all with their own rules, there are also different types of bankruptcy. Both factor in to how long you have to wait before you can apply for a mortgage after bankruptcy is discharged.
Another factor is you – what led to your bankruptcy, how you have handled your finances since and how you plan to handle them going forward.
Whatever the length of the waiting period, use that time to do the work that will help you qualify.
A mortgage after bankruptcy can mean higher interest rates and a more expensive mortgage. Improving your credit score after bankruptcy will help counter that.