You've taken the first step towards financial recovery by discharging your bankruptcy. Now, you're ready to rebuild and own a home of your own. We understand that waiting for the right moment can be tough, but we're here to guide you through the process.
”At NMHL, we work with borrowers in exactly this situation every day. We understand the uncertainty, the frustration, and the worry that comes with navigating a mortgage during a significant life event. You are not alone, and your situation does not have to be a barrier to homeownership.
Our licensed loan officers specialize in finding the right path forward for borrowers in complex circumstances. Whether your situation requires specialized documentation, alternative qualification methods, or simply a lender who takes the time to understand your full financial picture, we are here to help you move forward with confidence and clarity.
Your Path Forward
Proven Solutions for Your Situation
FHA Loan Rebuild Path
With an FHA loan, you can qualify just 2 years after a Chapter 7 discharge or 1 year into a Chapter 13 repayment plan with court approval. This path is designed for borrowers like you who are rebuilding their credit.
VA Loan Recovery Option
If you're a veteran, the VA Loan Recovery Option can help you get back on your feet with no down payment required and more lenient credit score requirements. You can qualify 2 years after discharge with a valid Certificate of Eligibility.
Non-QM Rebuild Loan
For borrowers who need a more flexible solution, our Non-QM Rebuild Loan considers your current financial situation, not just your credit history. You can qualify with a higher down payment and demonstrated income stability.
Conventional Loan Path
If you're willing to wait, conventional loans offer lower mortgage insurance costs and better rates. You'll need to wait 4 years after Chapter 7 or 2 years after Chapter 13 discharge, but the benefits can be worth it.
Personalized Guidance for Your Situation
No two mortgage journeys are alike. Our experienced advisors take the time to understand your unique circumstances and find the best path forward.
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Understanding Your Mortgage Options After Bankruptcy Discharge
After a bankruptcy discharge, you're not alone in feeling uncertain about your next steps. At National Mortgage Home Loans, we understand that rebuilding your financial future is a top priority. Our team is dedicated to helping you navigate the mortgage process and find the best loan options for your situation.
Whether you're considering an FHA loan, VA loan, conventional loan, or non-QM loan, we'll guide you through the requirements and benefits of each program. Our goal is to help you achieve your dream of homeownership as soon as possible.
Don't let bankruptcy define your mortgage options. Let's explore your choices together.
FHA Loans: A Popular Choice for Post-Bankruptcy Borrowers
FHA loans are a popular choice for borrowers after bankruptcy due to their flexible credit standards and lower down payment requirements. With an FHA loan, you can qualify just 2 years after a Chapter 7 discharge or 1 year into a Chapter 13 repayment plan. To qualify, you'll need a minimum credit score of 580 and a down payment as low as 3.5%.
- FHA loans have more lenient credit score requirements
- You can qualify with a lower down payment
- FHA loans are more accessible after bankruptcy
Get pre-approved for an FHA loan today and take the first step towards homeownership.
VA Loans: A Valuable Option for Veterans
If you're a veteran, a VA loan can be an excellent option for you. With a VA loan, you can qualify for a mortgage with no down payment required and more lenient credit score requirements. To qualify, you'll need a valid Certificate of Eligibility and meet the lender's credit and income requirements.
VA loans offer competitive interest rates and lower mortgage insurance costs compared to other loan programs. Our team can help you determine if a VA loan is right for you and guide you through the application process.
Explore your VA loan options today and take advantage of the benefits available to you.
Non-QM Loans: A Flexible Solution for Borrowers
Non-QM loans offer a flexible solution for borrowers who may not qualify for traditional loan programs. These loans consider your current financial situation and may require a higher down payment. Our team can help you determine if a non-QM loan is right for you and guide you through the application process.
Non-QM loans can be a good option if you need a home immediately after discharge and don't want to wait the full waiting period. We offer a range of non-QM loan programs to fit your needs.
Don't wait to get pre-approved for a non-QM loan. Contact us today to explore your options.
Getting Pre-Approved: The Next Step in Your Journey
Getting pre-approved is an essential step in the mortgage process. It gives you an idea of how much you can borrow and what your monthly payments will be. At NMHL, we offer a pre-approval process that can help you get ready to buy as soon as you're eligible.
Our team will review your financial situation and provide a conditional pre-approval that becomes active once your waiting period expires. This can give you a head start on the homebuying process and make you more competitive when you're ready to make an offer.
Get pre-approved today and take the first step towards homeownership.
Frequently Asked Questions
The waiting period varies depending on the loan type and bankruptcy chapter. For FHA loans, you can qualify 2 years after Chapter 7 discharge or 1 year into a Chapter 13 repayment plan. Conventional loans require 4 years after Chapter 7 or 2 years after Chapter 13 discharge. Our team can help you determine the best option for your situation.
Yes, many lenders offer conditional pre-approval that becomes active once your waiting period expires. This can give you a head start on the homebuying process and make you more competitive when you're ready to make an offer. At NMHL, we offer a pre-approval process that can help you get ready to buy as soon as you're eligible.
While credit score requirements vary by loan type, FHA loans typically require a minimum score of 580. Conventional loans may require higher scores, often 620 or above. Our team can help you understand the specific requirements for your chosen loan program and provide guidance on improving your credit score.
Chapter 13 bankruptcy involves a repayment plan, and you may qualify for an FHA loan after just 1 year of on-time plan payments with trustee approval. This can be a more expedient path to mortgage eligibility compared to Chapter 7. Our experts can help you navigate the process and determine the best loan options for your situation.
If you need a home immediately after discharge, non-QM programs offer solutions with no waiting period. These loans consider your current financial situation and may require a higher down payment. Our team can help you explore these options and determine if they're right for you.
The best loan program for you depends on several factors, including the type of bankruptcy, waiting period, credit score, and financial situation. Our experienced mortgage professionals can help you evaluate your options and choose the best path forward. We offer a range of programs, including FHA, VA, conventional, and non-QM loans.