How Soon After a consumer Proposal or Bankruptcy can I get a Mortgage
Both bankruptcies and consumer proposals are looked at very serious by potential mortgage lenders, and are considered a last resort situation to give someone a fresh start. They are seen as a bit of a bailout, and as far as best rate lenders go, you only receive one bailout allowed in order to get mortgage financing. A consumer proposal is a little less severe, as you’ve made an effort to still make some payments to creditors. As such, it falls off credit bureaus after three years. With a bankruptcy, it will sit on there for six years from discharge of the bankruptcy. For banks or best rate lenders, they will need to see at least two years of perfect credit history from time of discharge and two established trade lines (credit card, car loan, loan instalment, etc) to begin considering you again for their products. Two years is the minimum and many times it can move to three years or more.
That said, Plan B works with many lenders, including some Alternative Banks that can finance you literally the same day as your bankruptcy discharge, and can even help to payout proposals if you have qualifying equity. If you are in either of these situations, it’s a good idea to speak with a broker who specializes in this area, and Plan B’s team does this exclusively.