Getting that Home Loan After Bankruptcy

People who have filed bankruptcy recently, often wonder if they can get approved for a home mortgage. Is buying a home after bankruptcy even a good idea for you?

Although getting approved for a home loan can be more difficult after bankruptcy, it is not impossible. There are more and more programs coming out for bad credit loans. In fact, many subprime lenders are shifting there focus to individuals with bad credit. This is helping many more people acheive home ownership. With bankruptcies on the rise, and the increasing number of people with bad credit, these lenders are becoming a more viable option.

There are many things to consider when applying for after-bankruptcy home loans. Here are just a few to think about.
If possible, improve your credit score. This can be acheived by making payments on time. This will allow you to refinance higher interest loans at a much better rate. Doing this over a period of 2-3 years after bankruptcy, will also allow you to get a higher interest mortgage refinanced at a lower rate.

Secondly, build equity in your home. Being diligent about getting your home loan paid down, can look very good in the eyes of lenders. Set goals and stick to them. This will pay off big time in the long run.

Finally, once you have received your home loan, in 6 months or so you may be eligible for a home equity loan. Use this to pay off any other debt. This could be debt not included in your bankruptcy or accrued since filing bankruptcy. Two things not discharged when you file bankruptcy are student loans and taxes. Alternatively, equity loans are good for extra cash for home repairs or for funding a business.

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