A bankruptcy filing delivers a devastating blow to your credit and FICO score. The good news is you don’t have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or “A-paper” loan.
While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery, what you’ve done since your filing. It won’t happen overnight, but here are some tips to keep in mind when you inquire about a mortgage with a tarnished credit past: