I run into this issue with bankruptcy frequently – so I wanted to address it again today.
Here is what you need to do if you have a recently discharged bankruptcy…
Mortgage companies want to see that you reestablish new positive trade lines after a bankruptcy.
…In fact, the guidelines will want to see that you have established three new trade lines (credit card, installment loans, etc.) after the bankruptcy.
You will want to do this as soon as possible after the bankruptcy, because they are going to want to see 12 months positive credit history from these new trade lines – before they will approve you for a new loan (In addition to the seasoning requirements for a BK on each loan program).
Thanks for reading! …and, happy Valentines Day!
Brett
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