Can I get a mortgage after I filed for bankruptcy? It's been two years since I filed and I have someone willing to co-sign.
Answers | 2
FHA allows borrowers to obtain home loans 2 years after the DISCHARGE of a bankruptcy, provided there's been no additional derogatory information on the credit report, and income /credit scores/debt ratios all meet guidelines. The loan scenario still has to go through Desktop Underwriter, the automated underwriting system. The credit scores required will vary by lender, from as low as 580, to as high as possibly 680.
Ted is correct. Credit score of 580 and higher generally, as well as no lates payments, since bankruptcy was discharged, seem to be the two drivers. If credit score if below 620, lenders will generally like to see solid rent payment history as well.