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While obtaining a mortgage after filing for bankruptcy can be challenging, it is still possible. You can expect lenders to have specific guidelines in place for borrowers who are fresh out of bankruptcy, including a waiting period and other requirements. Keep reading to learn the three steps you should take for best results:
The length of the waiting period following bankruptcy will depend on the type of bankruptcy you filed and the type of mortgage you choose
While bankruptcy will drive down your credit score, you can take steps to rebuild it right away. Increasing your credit score as much as possible will improve your mortgage approval chances. It’s a good idea to work with an expert who can help you inspect your credit reports to fix any inaccuracies.
A larger down payment can help you get approval and better rates on a mortgage loan. So start saving as much as you can to accumulate a larger sum before applying.
At Midland Mortgage Corporation, our expert consultants can help you clean up your credit, fix your credit reports, and set yourself up for a successful mortgage application. We help you navigate the process of applying for a mortgage after bankruptcy. Contact Midland Mortgage Corporation today to get started.