Bankruptcy can stay on your record for up to ten years, significantly lowering your credit rating. However, if you recently declared bankruptcy, you might still be able to qualify for a mortgage.
 

If you've had a bankruptcy, you can still qualify for a mortgage through our sub-prime mortgage program. You can expect a higher interest rate and fees, and to be required to make a down payment. Sub-prime mortgages are usually adjustable rate mortgages, but can be fixed rate mortgages.
 

In addition to credit scoring, lenders rate borrowers from A to E, with A being the best credit risks. If you filed for bankruptcy more than a year ago, but less than 10, you'll probably get a C rating. As a C-rated borrower, you can expect to pay a higher down payment, up to 35 percent of the loan, and an interest rate between 1 to 3 percentage points more than an A-rated borrower.