Getting a Home Mortgage Loan After Bankruptcy

Tips on getting a mortgage loan after filing Chapter 7 or Chapter 13 Bankruptcy

Life after bankruptcy can present uncertainties, especially, if you find yourself needing financial products such as mortgage loans, refinance loans or credit cards. The fact is that no one thinks it will happen to them until the nightmare becomes reality.

Following the passage of the tough new bankruptcy laws on 2005, filing for bankruptcy is a luxury for some Americans. They simple do not meet the qualifications to file.

If you are one of the "lucky" ones, who managed to file before the deadline last year, you are probably in the process of repairing your credit. As with everything, fixing your credit takes time. This is why financial gurus usually advise consumers who have recently filed for bankruptcy to wait at least two years before they attempt to apply for loans. The two year period allows you to rebuild your credit. It also proves to future creditors that you can manage your finances.

If for whatever reason, you are not able to wait for the two year period to apply for a mortgage loan, you can still get a loan, but beware that you will have a pay higher interest rate. You can mitigate a higher interest rate by also putting down a bigger down payment.

In any case, if you are committed to repairing your credit, a higher interest rate should not be a showstopper. You can refinance your mortgage loan once your credit score is above the 700 mark.

The following lender(s) provide mortgage loans to consumers with all types of credit histories.