How soon after filing bankruptcy can I obtain a mortgage without a huge down payment?

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How soon after filing bankruptcy can I obtain a mortgage without a huge down payment?

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New FHLMC guidelines require 10 years since release of bankruptcy. However, FNMA guidelines are usually two years with re-established credit and the rest of your credit package needs to be in good order. There are many lenders in the market that are not concerned with the bankruptcy and allow higher loan to value ratios. You will, however, be subject to higher interest rates and prepayment penalties. Often you can purchase a home, get your credit record cleared up, then after two years, if you have made timely payments and all the rest of your credit situation has improved, you can refinance to a lower rate.

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