Recent Bankruptcy Loans

Program Overview

Recent Bankruptcy Loans provide mortgage financing for borrowers who have discharged bankruptcy and are ready to rebuild their credit and achieve homeownership. These programs are designed for those who have learned from their financial challenges and are now in a stable financial position.

How It Works

Unlike traditional mortgages that require longer waiting periods after bankruptcy, these programs work with borrowers who have discharged bankruptcy and are actively rebuilding their credit. The focus is on your current financial stability rather than past financial difficulties.

Key Benefits

• Shorter Waiting Period: Qualify 2+ years after bankruptcy discharge
• Credit Rebuilding Support: Resources to help improve your credit score
• Competitive Rates: Rates that reflect your current financial stability
• Flexible Underwriting: Consider factors beyond just bankruptcy history
• Fast Processing: Streamlined application process

Program Requirements

Bankruptcy Requirements

• Discharge Date: Bankruptcy must be discharged for minimum 2 years
• Type of Bankruptcy: Chapter 7 or Chapter 13 accepted
• Discharge Status: Must be fully discharged, not dismissed
• No Pending Bankruptcy: Cannot have any pending bankruptcy filings

Credit Requirements

• Minimum Credit Score: 650
• Credit Rebuilding: Must show active credit rebuilding efforts
• New Credit: Should have established new credit accounts
• Payment History: No late payments since bankruptcy discharge

Income Requirements

• Stable Employment: Minimum 2 years of stable employment
• Income Verification: W-2s, pay stubs, or business documentation
• Income Stability: Demonstrated ability to maintain income
• Debt-to-Income: Maximum 43% DTI ratio

Property Requirements

• Property Types: Single-family, condos, townhomes, manufactured homes
• Occupancy: Primary residence only
• Location: All 50 states
• Property Condition: Must be in good condition

Down Payment Requirements

• Minimum Down Payment: 25%
• Source of Funds: Must be properly documented
• Gift Funds: Allowed with proper documentation
• Asset Verification: Down payment source must be verified

What to Expect

Step 1: Bankruptcy Review

We'll review your bankruptcy discharge and current credit situation to determine eligibility. This includes analyzing the type of bankruptcy, discharge date, and current financial stability.

Step 2: Credit Rebuilding

We'll help you rebuild your credit and improve your score. This may include establishing new credit accounts, making timely payments, and monitoring your credit report.

Step 3: Program Selection

Based on your post-bankruptcy financial profile, we'll recommend the best program for your situation. This may include options for improving your credit before closing.

Step 4: Application Process

Complete the mortgage application with our bankruptcy-specific underwriting process. We'll work with you to present your case in the best light.

Step 5: Approval & Closing

Once approved, you'll proceed to closing with terms that reflect your current financial stability, not your past bankruptcy.

Who This Program Helps

• Post-bankruptcy borrowers ready to rebuild their credit
• Those who learned from financial challenges and are now stable
• Borrowers with discharged bankruptcy who have stable income
• Those actively rebuilding credit after financial difficulties
• Borrowers wanting a fresh start in homeownership

Avery Brooks Mortgage

• Phone: (555) 123-4567
• Email: avery@averybrooks.com
• NMLS: #1234567

Don't let a past bankruptcy prevent you from achieving homeownership. Our specialized programs can help you rebuild and move forward.