Getting a mortgage with low fico and bankruptcy is possible, but will require you to do several things on your part to show lenders that your are trying to improve your financial and credit situation.

Mortgage brokers are the only source when it comes to getting a mortgage after a bankruptcy. Mortgage brokers are able to sell sub prime loans to borrowers and many of the sub prime borrowers have bankruptcy mortgage programs. Many of these programs have tightened up recently so do not expect to get 100% financing one day out of chapter 7, 80-90% financing is what most bankruptcy mortgage programs offer today.

If you have enough equity in your home, you may be eligible for a Chapter 13 Bankruptcy Buyout. A Chapter 13 Bankruptcy Buyout has the potential to save you hundreds and hundreds of dollars each month by paying off your trustee with the equity in your home.

One of the most important things you will need is equity. Equity is the difference between what you owe on your home and your home's current market value. Take a look at similar properties in your area that are listed for sale or have sold recently to get an idea of the current market value of your home.

 

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