Having a Bankruptcy and Looking for a Home Loan

Hi Sharon

Welcome to the forums.

Your ability to purchase a home after filing bankruptcy is entirely dependent on the lender's willingness. Credit score is the most important factor and bankruptcy has reduced it largely.

It makes a little difference about your mortgage not included in the bankruptcy because it is a secured creditor. You have to take care of the following avenues before you get a potential lender.

• Your payment history is analyzed.
  
• The amount that you owe is taken into consideration.
  
• Length of your credit history is determined.
  
• They look out for the types of credit that you have used so far.
  
• They will look into your new credit.

Once you have improved the following areas, your credit scores will increase and the lender might be interested in reviewing your file.

Regards
Roxette

Sharon,

You can get mortgage loan after bankruptcy. Lenders are there willing to work with you once the case is closed. You should have a good credit habit after bankruptcy to get a low interest rate on the mortgage loan too.

Since you are still in the process, you cannot show a good credit record right now. However, there are some lenders who can offer you equity loan at this point. But you might have to pay higher rate of interest.

I would suggest waiting for some time. How far are you from the closing of your bankruptcy case? Once you complete the process, you can get FHA loans.

Also adopt the strategies mentioned above. It will help you rebuild your credit soon. Once your score reaches the range of 640 to 660, you become eligible for conventional mortgage rates.