How soon can you qualify for a mortgage after bankruptcy?

How soon can you qualify for a mortgage after bankruptcy?. VA mortgage Bankruptcy rules

How soon can you qualify for a mortgage after bankruptcy? video duration 3 Minute(s) 28 Second(s), published by Metroplex Mortgage Services on 11 01 2019 - 06:39:38.

http://www.mplx.org/blog/how-soon-can-you-qualify-for-a-mortgage-after-bankruptcy/ How soon can you qualify for a mortgage after bankruptcy? As you can You can still be approved for a mortgage after a previous bankruptcy, lenders just want to see that the bankruptcy was discharged for at least two years and that .

AFTER BANKRUPTCY DISCHARGE CANADA: LIVE WELL AFTER A BANKRUPTCY DISCHARGE This video provides ideas and suggestions on how a person 1
Bankruptcy Mortgage Guidelines On Government And Conforming Loans * All mortgage loan programs have mandatory waiting period after bankruptcy and 719 Lending is a premier southern Colorado Mortgage Broker
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http://www.mplx.org/blog/how-soon-can-you-qualify-for-a-mortgage-after-bankruptcy/

How soon can you qualify for a mortgage after bankruptcy?

As you can imagine, this is one of those common questions that we receive and in today’s video I will explain the differences between VA, FHA, USDA and Conventional qualifying requirements when a previous bankruptcy has occurred.

Remember, when it comes to qualifying for a mortgage after a bankruptcy, I always say, don’t be scared – be aware!

As a starting point, many bankruptcies do not occur because of financial mismanagement, but instead due to third party events and circumstances that are outside of the individual’s control.

With that being said, once a bankruptcy has been discharged, waiting periods will apply that impact how quickly you can qualify for a mortgage.

In order to determine the available options, I have created this three step approach:

#1. Is it a Chapter 13 or Chapter 7 Bankruptcy?
Per USCourts.gov it provides the following descriptions:

“A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.”

On the other hand, “A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.”

#2. What are the VA, FHA, USDA, and Conventional bankruptcy waiting periods?
Once you have determined the type of bankruptcy, now apply the appropriate waiting periods:

However, qualifying for a mortgage after a Chapter 13 bankruptcy can be more favorable because VA, FHA, and USDA loans permit only one day after discharge while conventional programs only require a minimum of 2 years.

#3. Exceptions and Unique Cases
While these are the standard published guidelines, bankruptcy exceptions can apply and other unique circumstances may exist such as a dismissal or cases where a mortgage was included within the bankruptcy, which triggers additional underwriting requirements and further review.

In summary, it is possible to qualify for a mortgage after a bankruptcy, but minimum credit and qualifying conditions will apply and be careful you are working with a team that is educated and experienced on the available bankruptcy program guidelines and requirements.

Remember, we are here as a resource and let our experience go to work for you!

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