Buying a Home After Bankruptcy
Though you may have to wait a year or two after filing, buying a home after bankruptcy is possible. To learn more, read this article, which provides information on securing a post-bankruptcy mortgage loan.
If you are thinking about buying a home after bankruptcy, the first thing you will want to do is determine how long it has been since you filed. The longer you wait, the easier it will be to secure financing. Though most lenders recommend waiting at least two years, it may be possible get a mortgage loan sooner.
Buying a Home 1 Year After Bankruptcy
When buying a home after bankruptcy, you need to show that you have a positive credit history. This is especially true if you do not wait at least two years before applying for a mortgage loan. It is very important that all of the payments you were expected to pay in the last 12 months were paid. Late installment payments could make it difficult to get approved. You may also need a down payment of 3-10 percent to secure the loan.
Buying a Home 2 Years After Bankruptcy
Buying a home after bankruptcy will be much easier if you wait for at least two years after your bankruptcy was discharged. This will give you time to build new credit and show that you can make your payments on time. After a two-year period has ended, financing and reasonable interest rates will be relatively easy to secure. If you have a good payment history and the lender is able to verify your income, you may even be able to get 100% financing.
For a list of Recommended After Bankruptcy Mortgage Lenders Online, visit http://www.abcloanguide.com, an informational website about various types of \r loans.
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