Getting a Mortgage Loan After a Bankruptcy in Texas

By
Mortgage and Lending with Caliber Home Loans, Inc NMLS# 246871

Getting a Mortgage Loan After a Bankruptcy in Texas

Getting a Mortgage Loan After a Bankruptcy in TexasGetting a mortgage loan after a bankruptcy can be very difficult for many home buyers especially since many lenders have tighter mortgage underwriting guidelines.  For those that have filed for bankruptcy, it is important to understand what lenders are looking for in order to qualify for a mortgage loan.

 

How much time needs to pass after the banruptcy to qualify for a mortgage loan?

There are two main mortgage loan programs available to most home buyers.  The most common loan program is a FHA mortgage and the other mortgage program is a conventional mortgage.  Both conventional and FHA mortgages have different underwriting guidelines when it comes to bankputcies.  Getting a mortgage loan after a bankruptcy in Texas will be determined by the loan program the home buyer is trying to qualify for. 

Conventional mortgage loans require a 4 year waiting period after the bankruptcy has been discharged before the mortgage can be approved.

FHA mortgage loans require just a 2 year waiting period after the discharge date of the bankruptcy.  Click here to view information about FHA bankruptcy guidelines in Texas.

 

Important Steps a Home Buyer Must Do After a Bankruptcy in Order to Get a Mortgage Loan

It is important that any future home buyer who wants to get a mortgage after a bankruptcy does the following steps:

  1. Reestablish credit by opening a new credit account after the bankruptcy (Like a credit card or auto loan)
  2. Make payments on-time
  3. Save money for the down payment
  4. Do not have any negative credit history happen after the bankruptcy discharge date

Underwriters will be looking to see that the home buyer has "recovered" from the bankruptcy.  If the credit history after the bankruptcy is negative, underwriters will deny the loan since they believe the home buyer is on the path of bankruptcy again.

Getting a mortgage loan after a bankruptcy in Texas can be challenging to home buyers especially if one does not understand what the mortgage company is looking for.

The most important thing to do after a bankruptcy is to reestablish credit and maintain a good credit profile.

Click here to begin the process of Getting a Mortgage Loan After a Bankruptcy in Texas

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Groups:
Texas Real Estate
1st Time Buyers
Northeast Tarrant County Real Estate
The FHA Mortgage Group
Frisco Texas Real Estate
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getting a mortgage loan
texas
bankruptcy
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