Mortgage Programs for Customers with Past Bankruptcies
Have a bankruptcy in your past?
You may still qualify for a mortgage
Did you know that home shoppers with past bankruptcies can qualify for purchase mortgages?
FHA loans are a great mortgage option for most post-bankruptcy borrowers, whether they’ve filed for Chapter 7 or 13 bankruptcy. After filing for Chapter 13, your customer may be eligible for a mortgage after just 1 year of the bankruptcy plan completed and paid. And for customers who completed a Chapter 7 bankruptcy, they can qualify for a purchase mortgage just 2 years afterwards.
Conventional loans are another option, but may have a longer wait periods and slightly stricter rulesregarding mortgage eligibility. Following the completing of Chapter 7, a 4 year period is required from discharge/dismissal. For a Chapter 13 bankruptcy, the required wait period is 2 years from discharge or 4 years from dismissal.
Call now to learn more about other qualification requirements for your customers who’ve had bankruptcies. Or have your customers call and we’ll work with them to qualify for a purchase mortgage.
Don’t let past credit issues stop your customer from getting the house they want, or stop you from selling more homes!