Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

Written by Carrie Reeder

If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis onrepparttar other two factors needed to get a mortgage loan, which are; income verification and a down payment.

After bankruptcy most lenders want you to wait at least 2 years fromrepparttar 147785 time ofrepparttar 147786 bankruptcy discharge before they will consider you for a mortgage loan. Afterrepparttar 147787 two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported torepparttar 147788 credit bureau as having been paid on time sincerepparttar 147789 discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner thanrepparttar 147790 2 years fromrepparttar 147791 time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.

There are ways to get a down payment for your mortgage besides havingrepparttar 147792 money saved inrepparttar 147793 bank. Here are some ideas of ways to do that:

Buying A Home After A Foreclosure

Written by Carrie Reeder

Buying a home after a foreclosure is not an impossible task. With some careful planning and some savvy shopping, you can secure a mortgage loan even with a foreclosure in your credit history.

Wait At Least Two Years

Mortgage lenders focus onrepparttar last three years of your credit history when they consider your mortgage application. It is best to wait at least two years after a foreclosure. However, if you have a large down payment or a fairly good credit score, lenders sometimes make exceptions.

Save A Down Payment

One way to improverepparttar 147784 terms of a mortgage loan is to have a down payment. A credit score of 600 or lower usually means you will need a down payment between 5% and 20%. Larger down payments will mean better rates. As a bonus, you can avoid PMI with a down payment of 20%.

Create Good Credit

A foreclosure doesn’t mean an end to your dreams of home ownership. After a foreclosure, take steps to build back a good credit score with regular payments on your bills and loans. It is also better to make small regular payments on credit cards than hit and miss with payments. You want to show lenders that you are dependable with paying your bills.

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