Is it possible to get a mortgage after bankruptcy?

Asked by Kmh4238, Florida Mon Jan 19, 2009

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Roy Bush, Both Buyer And Seller, Phoenix, AZ
Sun Jul 7, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
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Jeff and Gin…, Agent, Vero Beach, FL
Mon Jan 19, 2009
There is a 7 year time period after a bankruptcy when it is nearly impossible to get another mortgage. If you establish good credit during that time frame, you will again be eligible. Current mortgage guidelines make it more difficult for everyone to obtain a mortgage. You would need 20% down and a good credit score to qualify without the bankruptcy blemish on your credit report. Sorry for the bad news. Perhaps things will change since there are so many people in your situation, but right now those are the sad facts.

Fortunately there are many affordable rental properties available since there are too many homes for sale. We hope that you find a good rental property. A Realtor is a good source of information about rentals.
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