Home Mortgage Loans After Bankruptcy Can You Get Approved For A Home Loan?
After a bankruptcy, you can get approved for a home loan. Just be prepared to pay several points above conventional rates. However, if you have a large down payment or wait two years, your mortgage rates will improve to near conventional rates.
Dealing With A Past Bankruptcy On Your Credit Report
A bankruptcy will stay on your credit report for seven to ten years. However, it stops affecting your credit significantly after two years. So if you have established other good credit habits, you can qualify for market rates in no time.
But before you shrug off your bankruptcy, check your credit report to be sure that all accounts that were part of your bankruptcy are discharged. Its not uncommon for paperwork to not get processed, leaving a negative mark on your report.
Other Helpful Factors
A down payment of 20% is expected for conventional rates with a traditional loan. Anything less and you will have to either pay a point or more at closing or additional loan interest. The same is true with sub prime loans. However, larger down payments decrease your...
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