If you have a bankruptcy on your record, you might wonder how long you should wait before applying for a mortgage loan. While it is possible to secure a mortgage as soon as your bankruptcy is discharged, you won’t like the loan you receive. Here are suggestions to help you qualify for the best mortgage possible after bankruptcy.
Many individuals with a bankruptcy think the door to homeownership has been closed to them due to their credit. It is true that a bankruptcy stays with you for as long as ten years; however, qualifying for a mortgage during this period is not out of your reach. With a bankruptcy on your record it is possible to qualify for a competitive mortgage in as little as three years. Your timeframe will depend on the severity of your credit problems and the amount of time it takes you to build up a favorable credit history.
While you work on establishing a history of on time payments, it is important to begin saving for a down payment. If you have a sizeable down payment when applying for a mortgage you will find that you have more options available to you. You may also qualify for a better interest rate.
When you are ready to begin applying for mortgage loans consider applying for government programs with the FHA or VA for assistance with your mortgage. If you are a veteran the VA will guarantee your mortgage if you qualify; similarly, the FHA offers programs to help low income individuals and those with credit problems secure guaranteed mortgage loans. You can learn more about your mortgage options with a bankruptcy, including common mistakes to avoid by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com
Mortgage Loan Bankruptcy
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