Delaware Mortgage Loans

Yes, you can get into a home again after a bankruptcy in Delaware and every other state, but be prepared for higher interest rates.  A bankruptcy will stay on your credit report for seven to ten years, but it stops affecting your credit significantly after two years.

Be sure to check your credit report annually, and make sure that all accounts that were part of your bankruptcy were discharged.  Lawyers get paid to file the bankruptcy and have no interest in making sure your credit report is accurate after the bankruptcy. 

Larger down payments decrease your rates. Cash reserves and a large income can also offset your credit risk. The lower your debt to income ratio, the better score you will get.

It’s also important to remember that not all lenders will treat your application the same. So it’s important to shop around for the right mortgage with the right terms.  You are going to need a mortgage broker because a traditional bank will not lend with a recent bankruptcy.  Make sure you pick a broker that is experienced in helping clients that have been through a bankruptcy.