Here are the criteria of admissibility for obtaining a mortgage loan after a bankruptcy:
1) After your bankruptcy release, you must wait at least 2 years before contracting a mortgage.
2) To rebuild your credit with the assistance of a credit card from a recognized credit card company (Visa, Master Card) for at least 2 years.
OR
To have secured a personal loan from a banking institution for 2 years.
3) To have accumulated, during this 2 year period, your down payment from personal resources.
While following this procedure, your chances to secure a loan are very good. However, the cases are studied individually and the criteria can vary according to the nature of each file.
The Lender/Insurer can require a more significant down payment in addition to a guarantee.
It is now possible, even after 6 months of bankruptcy release to become an owner of a home. On the other hand you may be asked to pay higher interest rates.