How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you've either chose not to incur any new debt since the bankruptcy or you have reestablished a credit history with new loans or credit cards.