Can i get a mortgage after bankruptcy?
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I declared myself bankrupt 31/10/2010 my debts were very low but bankruptcy was my only option. The court sent me a letter saying my bankruptcy was ended on 11/4/11. can i get a mortgage??
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Often after a bankruptcy, your credit will be better than before. You will probably be able to get a mortgage, but your interest rate may be very high. But after a year of making payments on the mortgage, you can look into having it refinanced at a lower interest rate as long as your credit history continues to improve during that time. The only way to know for certain is to talk to a lender. They will look at your credit and help you determine how much of a mortgage you can afford.
A bigger question you might ask yourself is, "how much of a downpayment can I make?" Most regular mortgage lenders are seeking either near excellent credit or as much as 30% down payment.
Now there are others ways to buy a home. Investors have bought up a lot of the foreclosed homes and are sitting on them. After about a year of a home not selling, they become more creative at selling them. Often they sell them owner financed. Some will be offered for little or no money down, but still HIGH interest rates and often your mortgage payments will not be reported to a credit bureau which means your good payment history is NOT going to help to improve your credit.
You can also look for homes with wraparound mortgages, lease or rent to own options, etc.
Hope this helps. Good luck.