Filing Bankruptcy in Arizona >> AZ Bankruptcy

Are you looking to file bankruptcy in Arizona?  Most people wonder, "Can I still get a mortgage if I file for bankruptcy?"

First the bad news: Filing for bankruptcy delivers a devastating blow to your credit and to your FICO score, but it does not mean you have to wait seven years before you can qualify for a mortgage!

National Wholesale Mortgage can qualify you for a mortgage the day after your bankruptcy is discharged.  What will the mortgage interest rate be?  To put it bluntly, you will not find the lowest mortgage rates if you have had a bankruptcy recently discharged.  You will, however, be able to get the mortgage that you deserve.  Call us at (877) 551-8188 for a answer to your specific questions.  If possible, have your bankruptcy discharge papers handy.  

Just because you have had problems in the past (we all have), does not mean that you do not deserve to own a home!

If you want to find a lower mortgage rate, you will need to wait two years after your bankruptcy is discharged to qualify for an FHA loan.  FHA loans have excellent interest rates and are very easy to qualify for.  The only disadvantage is that the loan size on an FHA is limited.  Unfortunately, FHA loan limits are set by the government and based on location.  So, to find out what the FHA loan size is for your area, check out the FHA site.  FHA loans are excellent products.  Two years out of bankruptcy and a 580 credit score?  No problem!

Now, if you don't want to take the "subprime" mortgage rate (that's the one that you can qualify for one day out of bankruptcy) and if you need more home then the FHA loan can get you, then you need a "conforming mortgage" loan. 

A conforming mortgage is your basic "good credit", borrow-as-much-as-you-want mortgage.  However, if you file bankruptcy and you want the best of the best mortgages, you will need to wait 4 years after your bankruptcy is discharged.  Also, you will need to do this:

1.  Do not put everything into your bankruptcy.  Most people figure, "Oh?  I can wipe out all of my bills?  Great.  Wipe 'em out!"  This is a very bad move.  After you file bankruptcy, you will need to rebuild your credit.  Who will give you a credit card or a loan after you've already proven you're a bad risk?  The trick is to keep one or two debts out of your bankruptcy.  So go ahead and wipe out ten credit cards, but keep two.  You'll probably need to keep your car payment also.

2.  Those two credit cards I mentioned that you should keep?  Pay them on time.  Pay them on time for the whole four years.  After about two years of good payment history, you can probably get a couple more credit cards or some other form of credit.  We have seen people just a few years out of bankruptcy with excellent credit scores!  (Those who followed rule number one, of course.)

3.  Now, four years have passed and you have kept some credit, had some new credit issued, and finally, have waited long enough to get a Fannie Mae loan!  Now all you need to do is call us at (877) 551-8188 and get a rate quote.*

*Even if you do not live in a state in which we are licensed, we will recommend an honest lender in your area.