Get a mortgage after bankruptcy
If you have filed bankruptcy you may think that you will be unable to ever get credit again. But you may be shocked to find out that you can and will be able to get credit and even a home mortgage loan after filing bankruptcy. Even though the credit report will show bankruptcy for up to 10 years, you can still get the loan for the mortgage.
Usually lenders won't give you a loan for a mortgage within 2 years of declaring bankruptcy, but in those 2 years you will have to do other things to ensure that you get that mortgage. You should be saving for a down payment, or maxing out your 401k at work which you will be able to borrow against for a down payment. Using the 401k is a reality payless way to save your down payment. This is taken from your check at work before you ever get the money also many employers will contribute to the 401 account making it more money that you can save. Most 401k plans will allow you to borrow for a home purchase.
The first thing that you want to do is check your credit report. Make sure that all the accounts are marked as discharged by bankruptcy. You many have to contact the creditors to have them do this. When you apply for a mortgage you want these all closed. Don't wait till you apply for the mortgage to find out that some aren't recorded correctly on your report.
Get some new credit. You may have to get a secured credit card, which many banks offer, make sure that they will convert it to unsecured credit after awhile, and that it is reported to the credit bureau. Getting a car loan or store credit is easy. Just don't go over board and get back into the financial strains that caused you to declare bankruptcy to begin with. You don't need large lines of credit, but you do need to make sure that there are no late payments at all.
Your mortgage rate may be at a higher rate loan at first, but you can refinance in a few years.
Once you become a homeowner, learn how to pay off your mortgage faster. Get equity in your home and save on interest payments. This has helped me pay off my mortgage faster than I ever thought possible.
Usually lenders won't give you a loan for a mortgage within 2 years of declaring bankruptcy, but in those 2 years you will have to do other things to ensure that you get that mortgage. You should be saving for a down payment, or maxing out your 401k at work which you will be able to borrow against for a down payment. Using the 401k is a reality payless way to save your down payment. This is taken from your check at work before you ever get the money also many employers will contribute to the 401 account making it more money that you can save. Most 401k plans will allow you to borrow for a home purchase.
The first thing that you want to do is check your credit report. Make sure that all the accounts are marked as discharged by bankruptcy. You many have to contact the creditors to have them do this. When you apply for a mortgage you want these all closed. Don't wait till you apply for the mortgage to find out that some aren't recorded correctly on your report.
Get some new credit. You may have to get a secured credit card, which many banks offer, make sure that they will convert it to unsecured credit after awhile, and that it is reported to the credit bureau. Getting a car loan or store credit is easy. Just don't go over board and get back into the financial strains that caused you to declare bankruptcy to begin with. You don't need large lines of credit, but you do need to make sure that there are no late payments at all.
Your mortgage rate may be at a higher rate loan at first, but you can refinance in a few years.
Once you become a homeowner, learn how to pay off your mortgage faster. Get equity in your home and save on interest payments. This has helped me pay off my mortgage faster than I ever thought possible.
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