If I have had a previous foreclosure or bankruptcy, can I still get a loan?

Mortgage Q&A

Question

If I have had a previous foreclosure or bankruptcy, can I still get a loan?

Answer

Bankruptcies and foreclosures will remain on your credit profile for 7 years. Even if you are not outside of that window and have all the other qualifications (re-established credit lines, income, and assets) you may be eligible for a loan. These loans are becoming more and more difficult to acquire due to the mortgage crisis. However, each situation is unique and you should speak to a mortgage professional to determine if you qualify.

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godlovesme
Sep 30
11:51 am

It is very difficult to get a home loan. Most banks 3-4 years and credit unions are 3 years to get a FHA loan. The only other is USDA loan but your credit score must 620 or higher and the home must be in a rural area. I find it very disheartening because after the bankruptcy you have no debt and can truly afford the loan. Even though I pay my bills on time, savings and good income, it is not enough to get a home loan.

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