Ask Mike! »  Mortgage after Bankruptcy

Q: How soon after filing bankruptcy can I get a mortgage?

A: Several lenders specialize in helping people refinance or purchase shortly after a bankruptcy. The lender will place you in a higher rate loan that has a prepayment penalty for the first two years. If you make your payments on time and demonstrate good money management for two years, you can refinance into a loan with a better rate and term.

Twenty four (24) months of re-established good credit satisfies the underwriting guidelines of many lenders. For the best interest rate, your complete credit package, including work history and payment history, will need to be in good order.