House after bankruptcy
We have been discharged now for almost a year and are looking at the possibility of buying another home. Our home was never part of our bankruptcy and we have recently relocated due to a job transfer. I guess my question is…what are my chances of getting another mortgage at this point and what kind of down payment or interest rates would I be looking at?
It is possible to obtain a mortgage after completing a bankruptcy, but it is difficult for me to suggest the type of down payment or interest rates you would be looking at. Each lender has different policies in place, so my best advice is to talk to your bank or a mortgage broker to determine the specifics. In most cases, because of the bankruptcy, the lender will require a higher down payment then if you have not gone bankrupt and may slightly higher interest due to the perceived risk, but this could very easily be offset by any equity in your existing property and the history of payments you have developed on your existing mortage.