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Getting A Mortgage Even After A Bankruptcy

April 18th, 2009 by Chris Channing

by Chris Channing

Even if you have already underwent a bankruptcy, you can still get the mortgage you need to buy a home or a piece of real estate. Granted, this won’t be as easy as it was before the bankruptcy, but with the right leads it won’t at all be impossible.

Your average bad credit loan lender may not even approve a mortgage loan to someone who recently had a bankruptcy. It is about average for the borrower to wait two years after the initial bankruptcy before applying, so as to build some credibility in the mean time. This will of course require that you stay in fair financial standing for the two years following your filed bankruptcy.

Any kind of lender is going to need to see proof of steady income, so this is even more important for those who have filed for bankruptcy within the past few years. When you go to see your lender, be sure that you have already had stable income, and that you have kept a minimal amount of debt since the bankruptcy. If you haven’t, there could be problems in convincing the lender that you can take on a loan.

Try to focus on a high deposit to show the lender that you mean business this time around. If you can put up as much as possible, it will show the lender that you truly believe that you have learned a lesson in financial responsibility and are willing to make things right this time around. In addition, it helps lower interest rates.

If you aren’t quite at the two year mark yet, and the mortgage is urgent, there are still options available to you. All you have to do is limit the amount of risk that a lender observes in the operation. You can do this through several means, but first you should obtain your credit rating so that you can plan out the best attack method to get your credit score as high as possible. Even still, you will likely endure high interest rates, and do expect to pay a high deposit.

There are several types of mortgage loans you can obtain, and some are more likely to be offered to those with bad credit (or previously bad credit). One such mortgage loan is the offset mortgage loan, which gives lenders access to your savings account in order to offset the cost of interest rates in a mortgage. Your best bet is to talk to a lender to see which you can apply for.

In Conclusion

Your first stop should be your own bank- since they will typically trust you more than other lenders. If you can’t seem to find a good lender, you should check on the Internet to find a wider variety of lenders that can cater to your specific needs.

About the Author:

Learn more on Mortgage After Bankruptcy Advice and Mortgages After Bankruptcy.

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