Bankruptcy
While a bankruptcy can be devastating to a borrower’s finances and credit, First Option wants you to know that there are still mortgage programs available to you! The circumstances and timing surrounding your bankruptcy will determine the best course of action to follow.
Factors considered with a bankruptcy:
- The type of bankruptcy – Chapter 7 or Chapter 13
- How long ago the bankruptcy was filed
- Whether the bankruptcy has yet been discharged
- Payment history since the bankruptcy was discharged.
Your loan officer can best advise you on the expected impact of your bankruptcy, and how that will affect your mortgage options.