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Can I get a mortgage after bankruptcy or a consumer proposal?
September 13, 2019 @ 8:47 AM by:

Absolutely!  There are several key items that bust me in place in order to convince a lender (and the mortgage insurer) to support an application however:


1) You must be discharged for a minimum of 2 years.   If you have been bankrupt twice, realistincally most institutions will not approve you whatsoever.


2) You must have had re-established credit for a minimum of 18 months, have at least 2 active trade lines (a long, line of credit or credit card) with total borrowings of at least $2500.


3) Your payment history on the re-established credit must be spotless.


4) You must have a downpayment of at least 5% of the purchase price (although 10% would be better).   


If you have all ofthese things in place, you will be well on your way to getting approved for a mortgage and getting into a new house.   Prior to applying, you may want to give me a call to review your credit report.   Often times after bankruptcy, many of the trade lines that were included as part of the bankruptcy are not properly updated on credit bureau reports.  This can be corrected by disputing the errors directly with Equifax or Transunion, something I would be more than happy to help guide you through.


To get the process started, please send me a message or call (613)921-7855.   Your dream of home ownership could be closer than you think!