Your chances will increase if you did not close out all your accounts in the bankruptcy. There are lenders that will ignore the bankruptcy if your score is 600 or higher and will even go to 100% financing. The main factor in this is established tradelines. If you closed all your accounts out in the bankruptcy, you may not be able to qualify for 100% financing. You may still however be eligible for a lower amount such as 80%-90%

After a bankruptcy, you can still qualify for a mortgage. You must consult with a mortgage broker to find the best deal available for you depending on your exact situation (what type of bankruptcy was filed, how long has it been discharged, is the bankruptcy still active, what are your current credit scores, is there any re-established credit since the bankruptcy, etc.) The chance of you obtaining financing after a bankruptcy at your local bank are slim to none. A mortgage broker will have the option to search hundreds of lenders to find the lender who it going to be best for your situation after the bankruptcy. On the contrary, your local bank has one set of guidelines that you will most likely not fit into after a bankruptcy.

A bankruptcy does not exclude you from getting a mortgage. It simply means you are a higher risk to the lender. Your rate may be higher, the fees a bit higher but the mortgage can still be obtained.

You will often want to plan a two step strategy when refinancing out of bankruptcy. Refinance once now to get your affairs in order, pay off debts, lower your overall monthly expenses, and help you rebuild your credit, and then a second refinance in two to three years to take advantage of your new credit score and any additional equity in your home you may have built or gained through appreciation.

There are two schools of thought when it come to evaluating mortgage loan risk for a borrower who has had a bankruptcy. The traditional thought is that because the borrower showed a record of complete mismanagement of their obligations and had to be relieved of them through the bankruptcy, they are a very high risk. A newer school of thought says that very few consumers will file two bankruptcies within a ten year period so a borrower with a recent bankruptcy is a very low risk to go bankrupt again any time soon.

It is also possible to refinance while you are currently in a chapter 13 bankruptcy. You will have to get permission from the bankruptcy court and show that you have made payments into the plan on time for at least 12 months. Keep in mind that the maximum loan to value on these types of loans is typically 70%-80% depending on the lender.

To offset some of the higher rates that you may get after filing a bankruptcy, you may choose to go with a short term adjustable rate mortgage such as a 2/28 or 3/27 where the payment is fixed for 2-3 years. After that, you can come back and refinance into a program that better fits your needs.

If you filed on mostly medical items and kept your car payments and/or credit card payments up to date your credit score may not be that bad. You may easily qualify for a home loan. The best course of action would be to pull your credit and see where you are at before you start looking at homes.

On a chapter 7 bankruptcy lenders usually look at the discharge date and not the file date. On a chapter 13, a lender may look at the file date unless the chapter 13 has been dismissed. Your mortgage broker will be able to get the best lender for your particular situation.