Buying a house after bankruptcy is definitely not an impossible undertaking, provided that you are prepared to do the work and you are patient. By doing whatever is necessary and working through it, you can get a mortgage after bankruptcy to purchase a house.

1. One of the most important things you should do while searching for a house after bankruptcy is to rebuild your credit. A lender does in fact put a great deal of consideration on your credit when being approved for a loan, and that's why taking care of your credit should be your number 1 priority. Don't be mistaken, there is no way to get around this aspect when getting a mortgage after bankruptcy, and you should be careful if someone tells you otherwise. It normally takes around 2 years to to get your credit score back in proper order. But keep in mind though, you can definitely reestablish your credit in much less time if you have the right strategies in place. There are many resources and tools out there that can speed up the process, so take advantage of them.

2. Get your free credit report from the three major credit bureaus, Equifax, Transunion, and Experian. Whenever you make an application to get a mortgage after bankruptcy, loan companies will get the three credit reports or perhaps what is called a Tri-Merge report with information from the three bureaus. Ensure that you review this report meticulously and highlight every single negative comment in your report. Write letters and send to the credit bureaus in order for them remove these items.It is important to know that although you have filed for a bankruptcy proceeding, all of the discharged financial debt will stay on your report.

3. Repay all yourfinancial debt or at the very least pay as much as you possibly can. Loan providers look at your debt whenever they are qualifying you to get a home mortgage after bankruptcy. When you have more debt, this will give you less mortgage and sometimes you might be rejected. Develop a plan to repay your debt as fast as possible, without acquiring additional debt in the process.

4. For a mortgage after bankruptcy, you should start to save on a regular basis, because you will need to have at least 10 % deposit. In case you need to purchase a house priced at $150,000, this will require $15,000 deposit. Begin saving any amount that you can in a savings account with a high interest rate. Get part time jobs to boost your savings and reduce your expenses wherever possible. In the event that you are able to save one hundred dollars weekly, this will give your enough after 2 1/2 years. Create automatic payments for your monthly bills to avoid making late payments, especially if you have car loans, credit cards and student loans.

Lastly, you can also ask a relative to co-sign on loans for you. You should do this only when this person is willing to do it and you are certain that you are able to make the repayments. In any other case, this could be a put a strain on your relationship with this family member. If you are willing to work hard, you will be well on your way!

Conclusion: Mortgage after Bankruptcy
On a final note, buying a house after bankruptcy will take a great deal of commitment and work. As I said earlier, your top priority for a mortgage after bankruptcy is to rebuild your credit. I'm sure you've already heard this advice countless times. The reality is that you can't avoid this aspect if you are serious about getting a home after bankruptcy. There are many great programs out there that can help you achieve just that in a very short period of time. Do your diligence and look online for the opportunities that lay ahead, and I'm sure that you'll be able to get a mortgage after bankruptcy sooner than you think!