Many people think that if they file for bankruptcy, they won't be able to get a loan for a house. But even if you just filed for bankruptcy, there is still a chance that you will be approved. If you have bad credit and want to get a mortgage loan, your income and down payment will matter more.
Most lenders won't give you a mortgage loan until you've been out of bankruptcy for at least two years. After these two years, it should be easy to get the money you need. Also, you will probably be able to get financing for the whole thing. This will happen if all of your payments since your bankruptcy have been reported to the credit bureau as being made on time.
If you want to get a mortgage loan before the two years are up, you will need to have made almost all of your payments on time since you went bankrupt. You will also have to put down a down payment. Most of the time, you need a three to five percent down payment to get approved.
If you don't have enough money for a down payment, you could borrow from family or friends. After you've paid off your first mortgage, you should be able to get a second and third mortgage to pay off the first two. But you should check with your lender first, since most of them have rules about where the down payment can come from.
If you don't want to borrow the money, you could also look for a programme that helps with the down payment, such as Neighborhood Gold or the Nehemiah programme. With these kinds of programmes, the seller gets money to help you pay the down payment. Getting a down payment from the seller is usually against the law, but these programmes make it legal.
Today, it is much easier to get a mortgage loan after bankruptcy. If you look around, you can probably find a lender who will help you get a mortgage loan.
