Filing bankruptcy doesn't mean you'll never get a loan again. In fact, you may still be able to get a home loan after bankruptcy.
mortgageapproved.blogspot.com Home Loans After Filing Bankruptcy
There are many reasons why some people are forced to declare bankruptcy. Maybe it's because of uncontrolled spending habits, or it could be because business failed forcing you to declare bankruptcy. Regardless, bankruptcy is a fact of life.
However, if you are forced into a position where you have to declare bankruptcy, you can rest assured that you can still apply for a mortgage after bankruptcy.
The key thing is to remember is that you need to wait at least two years before sending your mortgage application to the bank. Creditors look very unfavorable on people with a bankruptcy on their record - especially if it's a recent bankruptcy less than two years old.
Lenders want to see some sort of credit history after the bankruptcy, some sort on interval where you can prove that you can indeed make payments.
Basically, you have to show your potential lenders that you are trustworthy to receive a loan. Now, besides having good credit - something that may take 2 years or so of paying all your bills on time - there are other factors the loan companies will look at. These are income level and down payment amounts.
Now, you many actually not need down payment on a mortgage. But, if you don't have stellar credit or your income is so so, then you will probably be rejected for the loan. If you have a down payment, banks will be much more inclined to accept your application.
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