Residential mortgages or home mortgages for post bankrupt applicants can be challenging, but not impossible to obtain.
In fact, depending on where you’re now at after bankruptcy, you may even be able to qualify for a home mortgage loan through a major bank for a real estate purchase. The trick is satisfying all the criteria they will have for someone that has had a bankruptcy in the past. Secondary banks and trust companies also consider these applications, all with their own requirements for getting an approval granted. In the event that you cannot qualify for an institutional mortgage of any type, there still remains private mortgages as an option until you are able to satisfy all the credit requirements associated with cheaper forms of money.
To give you a better idea of what it would take to get a home mortgage or bad credit mortgage from a bank after bankruptcy, here is a list of fairly standard requirements common to most front line mortgage lines.
Each lender will have different variations around these requirements, but the bottom line is that if an applicant has worked hard to re-establish earnings and credit after bankruptcy, there is a good chance that an institutional mortgage can still be secured at market rates and terms. One point to mention is that listed rules or requirements are for home purchases, not mortgage refinancing, with is another kettle of fish all together.
If you don’t quite meet these criteria today, within 6 months to a year you may, provided that you focus in on these basic requirements.
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel