Thinking about a home purchase or refinance and wondering what your options are if you have had a bankruptcy in your past? With the elimination of sub prime lending programs homeowners who have less than perfect credit have fewer options in today's market. The good news is that if you have had a bankruptcy in your past you are not automatically eliminated from qualifying for a new mortgage. There are some general guidelines that most lenders follow that come from FHA and Fannie Mae. Most lenders will require that you wait two years from your bankruptcy discharge date before applying. Lenders will also want to see that you have re-established your credit after the bankruptcy with a minimum of three tradelines. If you have made additional late payments after filing a bankruptcy then a lender may disqualify you. There are two types of personal bankruptcy, chapter 13 & chapter 7 and lenders will treat these differently. If you had to file bankruptcy due to a life changing event your lender may have more flexibility in qualifying you. Most lenders will request a copy of your bankruptcy discharge papers once you apply.

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