How Do You Reapply For A Mortgage After Bankruptcy?
• Be aware that typically, mortgage lenders are open to considering an approval for a home loan after 2 years. Some lenders that are more strict have a policy of waiting 3 years to begin considering financing. It’s possible to get mortgage financing before 2 years from the discharge date, you just may end up needing a down payment or you may have to settle for a much higher interest rate. • Expect less than favorable interest rate deals. The most likely way to get the lowest interest rate available would be to have a large down payment. Also, another factor that will contribute to what type of interest rate you qualify for would be how well you have paid your bills since the bankruptcy discharge. • Consider all factors besides credit. These include: employment history, debt-to-income ratio, the homes loan-to-value, income and down payment. So, consequently, if you have credit problems, it’s important not only to work on increasing your credit score but to strengthen the other factors t
