I am in a Bankruptcy - Can I Still Get a House?

While bankruptcies can have a significant impact on your ability to obtain a home loan, it is possible you may still qualify for a loan!

A bankruptcy filing remains on your credit report for a number of years, which can make it challenging to qualify for traditional mortgage loans with favorable terms. However, it is not impossible to obtain a home loan after bankruptcy. Here are a few options you could consider:

Rebuild your credit: After bankruptcy, focus on rebuilding your credit history. Pay your bills on time, reduce your debts, and establish a positive payment record. Over time, this can help improve your credit score and make you a more attractive borrower to lenders.
FHA loans: The Federal Housing Administration (FHA) offers loans that are more forgiving of past financial difficulties, including bankruptcies. FHA loans have less stringent credit requirements compared to conventional loans, but you will still need to meet certain criteria and demonstrate responsible financial behavior after bankruptcy.
VA loans: If you are a veteran or an active-duty service member, you may be eligible for a loan guaranteed by the Department of Veterans Affairs (VA). VA loans generally have more flexible credit requirements, and they may consider applicants with past bankruptcies.
Subprime lenders: Some lenders specialize in providing loans to individuals with lower credit scores or past bankruptcy filings. These subprime lenders may be an option, but it’s important to carefully review the terms and interest rates associated with these loans, as they are often less favorable than traditional mortgages.
Improve your financial situation: If possible, take steps to improve your financial situation before applying for a home loan. Save for a larger down payment, reduce your debt-to-income ratio, and demonstrate stable employment. These factors can help strengthen your loan application and increase your chances of approval.

It’s crucial to consult with a mortgage professional who can assess your specific situation and guide you through the process of obtaining a home loan after bankruptcy. We are experts in this field, and we can guide you through this process.