Can I get a mortgage after a bankruptcy and foreclosure if I have a cosigner?

If you've recently received a bankruptcy discharge or gone through a home foreclosure, it will likely take a few years before you can qualify for a new mortgage. However, getting a cosigner on the loan might help you get a mortgage sooner.

Before you get someone to sign your mortgage with you, check with various lenders to see how they view cosigners. Some will be more likely to extend credit to you with a cosigner, others will not.

Keep in mind that even if you qualify for a new mortgage with a cosigner, your interest rate may still be on the high end.

If you are able to get a cosigner and a new mortgage, be sure to keep up with payments. If you default, your cosigner is on the hook.

There are other ways to increase your chances of getting a new mortgage after a bankruptcy or foreclosure, including applying for an FHA-backed loan, rebuilding your credit, and saving a large down payment. To learn more, see Getting a Mortgage After Bankruptcy.