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 generally require that two to four years have passed since the foreclosure or bankruptcy has been discharged. It is also important that you've re-established an acceptable credit history with new loans or credit cards and provide us with a satisfactory explanation.