Here are the criteria to be eligible for a mortgage loan after a bankruptcy:
1) After your discharge, you must wait at least 2 years before contracting a mortgage.
2) You must rebuild your credit with a major credit card (Visa, Master Card) for at least one year.
OR
You must have obtained a personal loan from a banking institution for 1 year.
3) During this 2-year period, you must save for your cash down with your own resources.
By following this procedure, your chances of obtaining a loan are very good. However, each case is studied individually and the criteria can vary according to the nature of each case. The CMHC can demand a more substantial cash down or an added security deposit.
It is now possible, even after a 1-year bankruptcy discharge, to become a home owner. However, expect to obtain a higher interest rate.