How long after filing bankrupt can you try to get a mortgage?

After your chapter 7 bankruptcy has been fully discharged by the court you can apply for a FHA loan after 2 years but you still have to put 3.5 % down to get a mortgage loan from them and pay for mortgage insurance.

For a HUD Rural Development Mortgage, which normally does 100% loans, you have to be fully discharged for 3 full years and still take out high priced mortgage insurance. At most banks, due to the new government restrictions put upon them since the financial collapse, you have to be fully discharged from chapter 7 for 3 full years as well. Some banks view you as a high risk borrower even after 3 years and will not even consider giving you a loan unless you have had several other loans and reestablished your credit rating by paying those bills on time every month and keeping your debt to income ratio very low. In some cases you will be fully discharged for 4 years before they would even consider talking to me about financing my mortgage.

The best thing to do after filing bankruptcy is take out a couple of credit cards, charge small amounts on them and pay regular monthly payments on them every month to reestablish your credit. Maintain small balances only on them at all times because having your debt to credit limit to high will lower your credit score. Another thing to remember is that buying a car or truck and paying your bill on time every month will also improve your credit rating. Bankruptcy is not the end for anyone it is a fresh start to allow you to finally breath and make a new start however you should be very careful when starting to borrow more money after bankruptcy that you do not borrow more than you can pay back on time every month.

When applying for a home loan never give up because eventually you will find a bank willing to give you a home loan, simply be patient and do not give up searching because they are out there. Every bank and lending institution is different and each has their own guidelines and rules they follow about lending, far and above the new Government restrictions placed upon them by the Federal Government, so where one bank may not be able to help you the next one may, just make sure you research each company thoroughly because there are many predatory lenders out there that will rip you off and take thousands of dollars from you just to get you to deal with them.