If you have recently filed for bankruptcy, your low credit score does not look good to lending agents. If you need a mortgage loan after your bankruptcy, you may feel that there is no way to get the financing you need. Fortunately, buying a home with bad credit is possible with time, verification of your income, and a down payment.
The most important factor is time. After you file for bankruptcy, a lending agent will probably request that you wait at least two years after the bankruptcy discharge before you can qualify for a mortgage loan. Over those two years in waiting, you should be sure to make all payments on time and assure that they are properly reported to your credit agency. After this waiting period, you should have raised your credit score and lenders are likely to grant you the loan you need.
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It is possible to get a mortgage loan sooner than two years after the bankruptcy discharge. However, in order to qualify, you must have a nearly perfect payment history since the discharge of your bankruptcy, proving to the lending agency that you are trustworthy and will be able to repay the loan. In addition, you will probably be required to put down a down payment. The loan agency might not even require a large down payment; in some cases, they may approve you for a loan even if you only have a down payment of 3-5 percent.
If you do not have the down payment up front, consider consulting a down payment assistance program. These assistance programs are designed to help you obtain the money you need in the form of a grant or with the help of the seller or owner of the property. Other potential buyers borrow money from relatives to pay the down payment, then repay the relatives after financing the house and taking out a 2nd mortgage, or take a similar action by cashing out an investment. Be sure that when borrowing money from loved ones, you do not violate any of your lender's regulations regarding fraud.
Although it is difficult, it is possible to secure a mortgage loan after a bankruptcy. Over time, your credit score will improve if you make all payments on time and take charge of your spending habits. For more information about bankruptcy, mortgage loans, debt negotiation, or legal issues regarding debt, visit the website of the Milwaukee bankruptcy lawyers at the DeLadurantey Law Office, LLC.
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