IMPACT OF A PREVIOUS BANKRUPTCY

Often borrowers who have filed for bankruptcy in the past assume that they are no longer eligible for a mortgage loan. Generally, an applicant with a good credit history for at least two years after a bankruptcy discharge may be able to qualify for a new loan. Of course, the type of bankruptcy, the terms of discharge and the payment plan and any specific loan underwriting guidelines will all affect whether an applicant with a past bankruptcy can qualify for a new loan.

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