Can I Get A Bad Credit Mortgage If I Just Filed Bankruptcy?
Although most mortgage lenders will only give a bad credit mortgage after a two-year waiting period, it is possible, even today, to get such a mortgage just one day after the discharge of chapter 7 or 11 bankruptcy. It is a very long and arduous procedure but it is workable. However, there are some vital prerequisites such as:
Having A Low Credit Score
Having a minimum low credit score above 600 points is vital, as usually, the “good” score range is above 750 points. However, even with a credit score of only 580, a bad credit mortgage many times can be secured, even after bankruptcy.
Credit History Since Filing For Bankruptcy
The factor of whether a borrower applicant made consistent, on-time payments since the discharge of bankruptcy is foremost in importance. This is perhaps the most important factor in determining whether to grant a bad credit mortgage.
Time Elapsed Since Bankruptcy Discharge
Most lenders will grant a bad credit mortgage within two years, and others even the very day after an official discharge.
A Need For Income Verification
The amount of stable income needs to be verified. Consistent job, career, or self-employment is essential.
Having A Good, Sufficient Down Payment
Having a good down payment and the ability to gather one together is primordial. In many instances, even with a down payment such as 5 percent, a bad credit mortgage can be facilitated.
Re-establishing one's credit, especially after bankruptcy, is hard. And it is a long process. However, by qualifying for a bad credit mortgage, and having a little bit of patience, it can certainly be achieved.