Mortgage After Bankruptcy – Can I get a mortgage after bankruptcy?

After bankruptcy you can get a mortgage but you will have to wait almost 2 years. Actually, it depends on what kind of bankruptcy you filed for it. If it is a chapter 7 bankruptcy, it will stay on your credit report for 10 years and if it is chapter 13 then it will stay for 7 years. However, that doesn’t mean you have to wait for so long. You can apply for a mortgage loan after 2 or more than 2 years.

The lenders will expect you that you can make regular repayments and have regular income ability. These things ensure the lenders that you will not make a default on repayments. For the security they can charge higher rate of interest and demand for larger than average down payment on property. In this way they become sure that you are serious about your debts and under any circumstances you will make your repayments on time. The lenders want to see that you have an interest in your property and committed to make each payment within time.

If you make the payments on time, it is possible that the rate of interest may come down over time as you prove your ability of making repayments within given time. And limit your further debts to increase your credit report. As your credit report increases you can easily get a mortgage loan from your lenders. You have to remember that the lenders will evaluate your debt-to-income ratio so all further debts should be paid off as much as possible.