1 day out of bankruptcy loans are possible, however they are little more difficult to
qualify for. To increase your chances for being approved for a mortgage loan after your discharge date, several things on your part must happen.
Believe it or not credit scores still play a major role in qualifying for a mortgage 1 day out of bankruptcy. While it seems obvious that your credit score will have dropped significantly after a bankruptcy, some people do not experience nearly as big of a decline in their credit score as other do. Therefore, credit scoring does still have an impact on obtaining a mortgage after a bankruptcy and the higher your credit score the better your chances are that you will be approved as well.
Sub prime lenders are the major source for 1 day out of bankruptcy mortgages. However you will have LTV restrictions and 100% financing may not be possible.
Despite being only one day out of bankruptcy there are loan programs available. It may can be difficult to qualify but these loans can help you reestablish your credit.
If you have a Chapter 13 bankruptcy, a timely payment history will help you qualify for a loan if you are 1 day out of bankruptcy. There are even programs to help one to buyout a Chapter 13 Bankruptcy.
The more equity you have in your home, the more likely you are to be approved for a mortgage 1 day out of bankruptcy.
