Louisville Kentucky VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: Buying a Home after Bankruptcy:
Many people have probably warned you that buying a home after bankruptcy is virtually impossible. They have probably told you that your low credit score will hinder you from qualifying for any mortgage loan. Well, get their voices out of your head because they are wrong. Buying a home after bankruptcy is not only possible, it has become easier too. And if you know where to look and what to look for, the possibilities could be endless.
Banks and home mortgage lenders do not just look at your credit score when they evaluate your application. They already know you are short in this aspect, because you have already applied for bankruptcy. When attempting to acquire a home loan to buy a house after bankruptcy, they are looking for are two other things which you have more control of: income verification and ability to make a down payment.
How can I recover from bankruptcy and Buy a Home?
What do I do after filing for bankruptcy to acquire a home loan?
How can I re-establish my credit?
- Make sure that your credit report is current
- Installment loans
- Make payments on time!
What do I do after I have established credit?
- Prove your income with steady employment
- Save for a down payment
How can I raise my down payment?
- Cash in 401k
- Down payment assistance programs
- Borrow from family