Went bankrupt 2 years ago. Been a discharged bankrupt for just over a year.
Is it possible to get a mortgage? I am a first time buyer and would love a house and am more financially stable than i have ever been.
With the mortgage products available today, there won’t be anything (that I know of) you could qualify for such a short time after bankruptcy. Truthfully, you’re looking at 5-7 years from the date of discharge based on today’s lending guidelines.
My advice would be to do everything that you can to continue building a solid credit history. After some time passes and you focus on using credit wisely you eventually will qualify to buy your first home.
But hey, look on the bright side. You now have time to save money and grow your down payment. This will help you immensely when it comes time to buy. You would be able to afford more home or even better, it could open the door to affording a 15 year mortgage. There’s a huge difference between a 15 and 30 year mortgage, and my advice has always been that if you can’t afford your home on a 15 yr loan, then you really can’t afford it at all.
Good luck and please keep us posted on your progress.
Andy is a licensed real estate broker in Massachusetts and is the founder of Northeast Properties in Norton, Massachusetts. His brokerage is designed to help homeowners in today’s difficult real estate market, specializing in short sales. Andy speaks with Massachusetts homeowners every day, helping them to address their questions or issues with short sale or loan modification. He enjoys helping consumers arrive at the correct solution to their problem, and believes that the only way to correctly do that is by presenting them with all of their options in an un-biased manner.
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