There are many factors that can prevent you from getting a mortgage after bankruptcy, and Peoples Bank Mortgage wants to share the top 8. For example, some factors like credit score will typically be affected for up to 5 years after your bankruptcy discharge. As you can see above, your credit score is an important factor in your ability to get a mortgage after bankruptcy.
1
Credit Score (21%)
Errors from bankruptcy items that should be removed, as well as a lack of recent credit history. Ensure that you are making consecutive payments for the proper amount.
Peoples Bank Mortgage specializes in mortgage after bankruptcy, allowing us to offer Chapter 13 home loans to those who have recently filed for bankruptcy.
3
Foreclosure/ Short Sale (18%)
Government and conventional loans have a very strict waiting period. However, portfolio loans offer a more flexible waiting period.(Read More)
4
Late Payments (15%)
Late payments on bills, credit cards, car loans, and mortgage can prevent a qualifying for a mortgage
5
Property Condition (13%)
Home must be free of peeling paint, in good working order, and must appraise for desired amount (More)