If you’ve filed for bankruptcy in the last seven to 10 years, you’ll likely have to pay higher interest rates on a new mortgage — especially if you can’t put up a large down payment.
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A bankruptcy discharge is a court order releasing you from your obligation to pay any debts that were included in your bankruptcy filings. Essentially, it means that the bankruptcy process is finished.
As with personal loans and even business loans, but it will be more difficult to get approved after a bankruputcy. you may need to come up with a bigger down payment or deal with higher interest rates. And you won’t be eligible until after a waiting period.
You’ll need to wait at least two years before applying for an FHA or VA loan and four year before applying for a conventional loan backed by Fannie Mae, Ginnie Mae or Freddie Mac — the government enterprises that back or buy most conventional loans. If you can prove extenuating circumstances for the bankruptcy, like medical issues or losing your job, the waiting period can be cut to two years.
If your bankruptcy is over or you’ve been making payments for more than a year, you can qualify for an FHA or VA loan. To qualify for a conventional mortgage backed by Fannie Mae, Ginnie Mae or Freddie Mac, you’ll need to wait two years after discharge or four years after dismissal.
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If you’ve filed for bankruptcy in the past, it doesn’t mean you can’t ever get a mortgage again — but it does mean you may need to wait a few years before applying.
If you’re already past the waiting period, compare mortgage lenders to find out what your options are.
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