While declaring yourself bankrupt is a very serious course of action to take, and one that should never been seen as the “easy way out” of a bad financial situation, in some circumstances it is the best or only course of action to take. Once you have gone through the process of bankruptcy you will probably see your finances in a whole new light, and getting credit will be much harder than before, however it is not the end of the road as far as credit is concerned, and if you are considering getting a mortgage after bankruptcy then you will find there are some lenders who are willing to help.
You can only start the application process once your bankruptcy has been discharged by the court, so while you can look around at various brokers and lenders before this, there is no point in applying until afer your bankruptcy discharge date. Lenders will look at various elements of your circumstances in order to decide whether you take you on as a creditor.
Depending on your circumstances, there will be many different types of offer available to you, some of which are outlined here. Of course these are purely rough guidelines of the kind of offer you might receive.
It is possible to get a mortgage offer the day after your bankruptcy is discharged and filed at the court as being so. If you have at least a 15% deposit along with any associated closing costs, then you may will find a lender that will take you on, however you will more than likely need to go through a specialist broker who will have access to lenders that will.
If you have filed for a chapter 13 bankruptcy, then you can in fact refinance before your discharge date as it is on a payment plan for 3-5 years of the bankruptcy date. In fact it is sometimes possible to get a mortgage after bankruptcy as little as a year after filling when it comes to chapter 13 bankruptcies, which means if you have equity in your home you can also pay off your chapter 13 in the process. It is possible to get 100% financing on a home with chapter 13 bankruptcy, but this is all dependent on your income, credit score and trustee rating.
Waiting two years following your bankruptcy discharge date is of course the almost guaranteed way to secure a mortgage after bankruptcy as you will be able to not only build up a good credit score and payment history, but this is also deemed an acceptable amount of time by most mainstream lenders.