how to get a home loan after bankruptcy

Rather than voluntarily making payments on the mortgage after you file your Chapter 7 bankruptcy case, you or your lender may look at a process called reaffirmation. Reaffirmation is a legal term, but it loosely means a new promise to repay a debt after bankruptcy that otherwise would be wiped out.

The VA Home Loan is the most powerful home buying tool on the market.. military to bounce back faster after a bankruptcy, foreclosure or short sale.. loan guaranty employees get notified anytime a Veteran is more than.

While it is possible to get a mortgage after bankruptcy, it can be quite challenging. How Bankruptcy Can Affect Your Ability to Get a Mortgage. Bankruptcy can significantly lower your credit scores, remain on your credit reports and affect your ability to obtain credit, including a mortgage loan, for up to 10 years.

Bankruptcy is a legal process designed to help you reorganize your debt and to have some or most of your debt discharged — which means it can’t be collected. Bankruptcy involves getting credit.

Bankruptcy can be life-changing, but there are some ways you can still buy a home despite being a discharged bankrupt. Bankruptcy can be life-changing, but there are some ways you can still buy a home despite being a discharged bankrupt..

current interest rate for fha loan Check out the mortgage rates charts below to find 30-year and 15-year mortgage rates for each of the different mortgage loans U.S. Bank offers. If you decide to purchase mortgage discount points at closing, your interest rate may be lower than the rates shown here.

How to deal with refinancing your mortgage after bankruptcy.. can be done to get the mortgage debt reaffirmed during your bankruptcy case.

Chapter 7 bankruptcy: You must wait two years after the discharge of your bankruptcy to qualify for a government-backed residential mortgage. For a conventional home loan – or one that is not backed by the federal government but conforms to loan limits set by Fannie Mae and Freddie Mac – the waiting period is four years.

To get a new fha insured mortgage loan after Chapter 7, the borrower must qualify financially, establish a history of good credit in the wake of the filing of the Chapter 7, and meet other FHA requirements.

refinance credit score requirements Credit does play a role, but subprime lenders also look at factors beyond your credit score, including: Also, depending on the lender, their requirements, and your credit, you may be asked to get a.

While bankruptcy is a legal solution that can dismiss large portions of debt, it comes with serious consequences and requirements. (Getty Images) Even the most responsible people can run into.