Can I get a mortgage after filing bankruptcy?
Every week I assure five or six nervous couples that, yes, it is possible to buy a house and get a mortgage after filing bankruptcy. Current government regs say you can qualify for a mortgage and buy a house two years after a chapter 7 discharge.
Some people, just don’t believe that. “If we’d known that,” they tell me, we’d should have filed bankruptcy when we first got into trouble.” Right!
(Obviously just being two years after bankruptcy by itself doesn’t qualify you. You need to have carefully rebuilt your credit. And you need to be making enough money.) Just want to let you know, I’m not making this up.
I should mention one person who talked to me about wanting to lend to people after bankruptcy. Her name is Bette Moose, and she works for Primary Residential Mortgage, which has an office in Fredericksburg. Her contact is email@example.com. If your are in the market for a mortgage, especially with somewhat damaged credit, a like bankruptcy, it’s important that you shop. The first offer that you get might not be your best one, so you should get two. So apply at your own bank, too.
P.S. A client told me here in April 2014 that he got an after-bankruptcy refinance from Quicken Loans, after a couple local mortgage brokers, and then Bank of America, both told him it was impossible. So I’m passing along Quicken Loans as another recommendation.