
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
If you’ve filed for bankruptcy in the last seven to 10 years, you’ll likely have to pay higher interest rates on a new mortgage — especially if you can’t put up a large down payment.
A bankruptcy discharge is a court order releasing you from your obligation to pay any debts that were included in your bankruptcy filings. Essentially, it means that the bankruptcy process is finished.
Yes, but it will be more difficult to get approved, and you may need to come up with a bigger down payment or deal with higher interest rates. And you won’t be eligible until after a waiting period.
You’ll need to wait at least two years before applying for an FHA or VA loan and four year before applying for a conventional loan backed by Fannie Mae, Ginnie Mae or Freddie Mac — the government enterprises that back or buy most conventional loans. If you can prove extenuating circumstances for the bankruptcy, like medical issues or losing your job, the waiting period can be cut to two years.
If your bankruptcy is over or you’ve been making payments for more than a year, you can qualify for an FHA or VA loan. To qualify for a conventional mortgage backed by Fannie Mae, Ginnie Mae or Freddie Mac, you’ll need to wait two years after discharge or four years after dismissal.
To find a mortgage that works for you:
When choosing between mortgage providers, compare your options based on:
If you’ve filed for bankruptcy in the past, it doesn’t mean you can’t ever get a mortgage again — but it does mean you may need to wait a few years before applying.
If you’re already past the waiting period, compare mortgage lenders to find out what your options are.
Picture: Shutterstock
Reduce your debt by around 30% after fees — but only if you can stick with the program. Here’s how.
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
Smart strategies that homeowners can use to get rid of Private Mortgage Insurance (PMI).
Ways to protect your assets and what you need to know about marital debt.
Which type of disability insurance you have influences how long it’ll take you to receive benefits. Find out how long you may have to wait.
What hopeful homebuyers need to know.
What VA’s new debt relief regulations mean for you and how to protect yourself in the meantime.
Disability insurance typically pays out between 40% and 80% of your income, but will depend on the type of policy you have.
Car loans for borrowers who may not qualify for traditional financing.
Unlike other lenders, you don’t need a diploma to qualify.