Question: How long do I have to wait to get a mortgage after bankruptcy?
Answer: The waiting period varies, here is a list of what is commonly available among my lenders.
3 years discharged, *BFS 5 years discharged; 2 trades re-established for 2 years
2 years discharged, 1 year re-established credit / min. 1 trade line; no property inc. in bankruptcy
2 years discharged with 2 years re-established credit
3 years discharged, with 2 years of re-established credit
2 years discharged,with 2 years re-established on 2 trades or more(credit cards)
3 yrs discharged with 2 yrs re-est, clients under 4 yrs discharged rate premium
2 years discharged with 1 year re-established; rate premium
2 years discharged, 1 year re-established on min. 1 trade line ( credit card)
With some Lenders it is as soon as 3 years and others are 4 or 5 years.
*BFS- Self Employed (Business For Self)
Mortgage Insurers
CMHC 2 years discharged, with 1 year re-established credit.
Genworth 2 years discharged, with 2 years re-established credit; no property involved.
CG 2 years discharged, with 2 years re-established credit.
If you are in more of a hurry, a Private Lender will lend, depending on your story. With private lenders, they charge higher interest.
Small business owners as well consumers are facing mounting debt may think filing for bankruptcy is their only option like dissertation writing service. Bankruptcy specialist as well consumer credit counselors recommend advice long before thinking and filing ahead to the challenges as a bankrupt consumer.Chapter 7 Bankruptcy
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